Question: 1. Problem 5.03 (Finding the Required Interest Rate) Your parents will retire in 16 years. They currently have 3220,000 saved, and they think they will

1. Problem 5.03 (Finding the Required Interest Rate) Your parents will retire in 16 years. They currently have 3220,000 saved, and they think they will need 51,200,000 at retirement. What annual interest rate must they eam to reach their goal, assuming they dont saye ary additional funds? Round your answer to two decimal places

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