Problem 6-11 Calculating Perpetuity Values [LO1]

The Maybe Pay Life Insurance Company is trying to sell you an investment policy that will pay you and your heirs $24,000 per year forever. Suppose a sales associate told you the policy costs $469,000. At what interest rate would this be a fair deal? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)