Your folks just called and would like some advice from you. An insurance agent just called them and offered them the opportunity to purchase an annuity for $8,434.22 that will pay them $1,500 per year for 15 years. They don't have the slightest idea what return they would be making on their investment of $8,434.22 . What rate of return would they be earning?

he annual rate of return your folks would be earning on their investment is___