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Your parents will retire in 16 years. They currently have $240,000 saved, and they think they will need $1,500,000 at retirement. What annual interest rate

Your parents will retire in 16 years. They currently have $240,000 saved, and they think they will need $1,500,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds? Round your answer to two decimal places.

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