(Related to Checkpoint5.6) (Solving for i) Kirk VanHouten, who has been married for 24 years, would like to buy his wife an expensive diamond ring with a platinum setting on their30-year wedding anniversary. Assume that the cost of the ring will be $10,500 in 6 years. Kirk currently has $4,494 to invest. What annual rate of return must Kirk earn on his investment to accumulate enough money to pay for thering?

The annual rate of return Kirk must earn on his investment to accumulate enough money to pay for the ring is ----%. (Round to two decimalplaces.)