Question: Problem 5-3 Finding the required interest rate Your parents will retire in 16 years. They currently have $360,000 saved, and they think they will need

Problem 5-3 Finding the required interest rate Your parents will retire in 16 years. They currently have $360,000 saved, and they think they will need $1,500,000 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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