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Interest Rate on a Single Payment Your parents will retire in 14 years. They currently...

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Finance

Interest Rate on a Single Payment

Your parents will retire in 14 years. They currently have $230,000, 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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