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

$15 comma 802.23

that will pay them

$3 comma 000

per year for

10

years. They don't have the slightest idea what return they would be making on their investment of

$15 comma 802.23

.

What rate of return would they be earning?

The annual rate of return your folks would be earning on their investment is

nothing

%.

(Round to two decimal places.)