​(Related to Checkpoint​ 5.6) ​ (Solving for
i​)
Kirk Van​ Houten, who has been married for
22
​years, would like to buy his wife an expensive diamond ring with a platinum setting on their​ 30-year wedding anniversary. Assume that the cost of the ring will be
​$10,000
in
8
years. Kirk currently has
​$4,436
to invest. What annual rate of return must Kirk earn on his investment to accumulate enough money to pay for the​ ring?
Question content area bottom
Part 1
The annual rate of return Kirk must earn on his investment to accumulate enough money to pay for the ring is
enter your response here​%.
​(Round to two decimal​ places.)