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Your parents will retire in 2 8 years. They currently have $ 2 2 0 , 0 0 0 saved, and they think they will

Your parents will retire in

28

years. They currently have $

220, 000

saved, and they think they will need $

2, 300, 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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