Question: Problem 4-3 Interest Rate on a Single Payment Your parents will retire in 14 years. They currently have $300,000, and they think they will need

Problem 4-3 Interest Rate on a Single Payment

Your parents will retire in 14 years. They currently have $300,000, and they think they will need $1 million 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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