Question: Your parents will retire in 2 0 years. They currently have $ 2 4 0 , 0 0 0 , and they think they will

Your parents will retire in

20

years. They currently have $

240, 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? Do not round intermediate calculations. Round your answer to two decimal places.

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