You own a security that provides an annual dividend of $120 forever. The securitys annual return is 6%. What is the present value of this security? Round your answer to the nearest cent.

Your parents will retire in 25 years. They currently have $360,000 saved, and they think they will need $2,350,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds? Round your answer to two decimal places