(Spreadsheet problem) In 19 years, you'd like to have $350,000 to buy a vacation home, but you have only $40,000. At what rate must your $40,000 be compounded annually for it to grow to $350,000 in 19 years? Use a spreadsheet to calculate your answer.

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Part 1

The interest rate at which your $40,000 must be compounded annually is _____%. (Round to two decimal places.)