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 comma 038.96 that will pay them $3 comma 500 per year for 30 years. They don't have the slightest idea what return they would be making on their investment of $22 comma 038.96. What rate of return would they be earning?

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