U.S. Census Bureau statistics show that the annual earnings for a person with a high-school diploma are $35,220 versus $57,925 for someone with a bachelor’s degree. If the cost of attending college is assumed to be $30,000 per year for four years and the foregone earnings during those years is assumed to be $35,220 per year, what rate of return does earning a bachelor’s degree represent? Assume a 35-year study period.