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Your parents will retire in 2 8 yearsThey currently have $ 3 9 0 , 0 0 0 saved, and they think they will need

Your parents will retire in

28

yearsThey currently have $

390, 000

saved, and they think they will need $

1, 850, 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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