Problem $9-34($Algo$)$ Yleld on Investment $[$LO$9-4]$

C$.$ D$.$ Rom has just given an Insurance company $$48,500.$ In return, he will recelve an annulty of $$7,000$ for $20$ years.

At what rate of return must the Insurance company invest this $$48\mathrm{.}500$ in order to make the annual payments? Use Appendix $D$ for an approximate answer, but calculate ypur final answer using the financial calculator method.

Note: Do not round intermediate calculations. Round your final answer to $2$ decimal places.

Rate of return