Your insurance agent is trying to sell you an annuity that costs $40,000 today. By buying this annuity, your agent promises that you will receive payments of $220 a month for the next 21 years. What is the rate of return on this investment?

(Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Note: You MUST use either Excel, Google Sheets, a financial calculator or TVM tables to solve this problem