eBook Problem 5-3 Finding the required interest rate Your parents will retire in 26 years. They currently have $280,000 saved, and they think they will need $1,100,000 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. % Problem 5-12 Effective rate of interest Find the interest rates earned on each of the following. Round each answer to two decimal places. a. You borrow $750 and promise to pay back $795 at the end of 1 year. b. You lend $750 and the borrower promises to pay you $795 at the end of 1 year. c. You borrow $77,000 and promise to pay back $252,438 at the end of 8 years. d. You borrow $16,000 and promise to make payments of $5,001.00 at the end of each year for 5 years