(Related to Checkpoint 5.6) (Solving for i) Kirk Van Houten, whvo has been married for 22 years, would like fo buy his wife an expensive diamond fing with a platinum setting on their 30 -year wedding anniversary. Assume that the cost of the ring will be $11,500 in 8 years. Kirk currently has $4,413 fo irvest. What anniatien rate of refurn must Kirk eam on his imvestment to accumulate enough money to pay for the ring? The annual rate of retum Kirk must eam on his investment to aocumulate enough money to pay for the ring is 6. (Round to two decimul piaces.)