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 $26,200.56 that will pay them $4,000 per year for 15 years. Theydon't have the slightest idea what return they would be making on their investment of $26,200.56. What rate of return would they beearning?

The annual rate of return your folks would be earning on their investment is _______%. (Round to two decimalplaces.)