(Annuity interest rate) Your folks just called and would like some advice from you. An insurance agent just called them and offered them the opportunity to purchase an annuity for $17,202.92 that will pay them $2,000 per year for 20 years. They don’t have the slightest idea what return they would be making on their investment of $17,202.92. What rate of return would they be earning?
The annual rate of return your folks would be earning on their investment is _____% (Round to two decimal places)
Please show the formula for the answer.