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 $22,597.68 that will pay them $4,000 per year for 15 years. They don't have the slightest idea what return they would be making on their investment of $22,597.68. What rate of return would they be earning?

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

(Round to two decimal places)