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Kirk VanHouten, who has been married for23years, 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

$11,000 in7 years. Kirk currently has$4,533 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.)