Your parents will retire in 20 years They currently have 350

Your parents will retire in 20 years. They currently have $350,000 saved, and they think they will need $1,200,000 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.

required rate of interest rate = (1,200,000/350,000)^1/20 - 1

required rate of interest rate = 6.35%