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 $14,381.17 that will pay them $2,500 per year for 15 years. Theydon't have the slightest idea what return they would be making on their investment of $14,381.17. 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.)