Your parents will retire in 16 years they currently have, Financial Management

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Your parents will retire in 16 years they currently have

Interest Rate on a Single Payment

Your parents will retire in 16 years. They currently have $260,000, 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? Round your answer to two decimal places.

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