Problem $9-34($Algo$)$ Yield on investment $[$LO$9-4]$

C$.$ D$.$ Rom has just given an insurance company $$40,500.$ In return, he will receive an annuity of $$5,400$ for $20$ years.

At what rate of return must the insurance company invest this $$40,500$ in order to make the annual payments? Use Appendix $D$ fo approximate answer, but calculate your final answer using the financial calculator method.

Note: Do not round intermediate calculations. Round your final answer to $2$ decimal places.

Rate of return