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12 (Related to Checkpoint 5.6) (Solving for Kirk Van Houten, who...

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(Related to Checkpoint 5.6) (Solving for Kirk Van Houten, who has been married for 21 years, would like to buy his wife an expensive diamond ring with a re? platinum setting on their 30-year weddiing anniversary. Assume that the cost of the ring will be $12,000 in 9 years. Kirk currently has $4,509 to invest. What annual rate of return must Kirk earn on his investment to accumulate enough money to pay for the ring? The annual rate of return Kirk must earn on his investment to accumulate enough money to pay for the ring is % (Round to two decimal places.)

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