Question: 3. Problem 5.03 (Finding the Required Interest Rate) eBook Your parents will retire in 29 years. They currently have $380,000 saved, and they think they

3. Problem 5.03 (Finding the Required Interest Rate) eBook Your parents

3. Problem 5.03 (Finding the Required Interest Rate) eBook Your parents will retire in 29 years. They currently have $380,000 saved, and they think they will need $1,600,000 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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