Problem $6\mathrm{.}4$: Your parents are novice investors and would like your help. An insurance agent has offered them the opportunity to purchase an annuity for $$75,000$ that will pay them $$500$ per month for $25$ years. They don't have the slightest idea what return they would be making on their investment of $$75,000.$ What annual rate of return would they be earning?

Hint: use the RATE function in Excel to solve the problem.

$\backslash$table$[[$PV$,],[i,],[m,],[n,],[$pmt$,],[$FV$,]]$

Annual rate

Please give answer in excel format