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1.) Franklin Templeton has just invested $10,660 for his son (age one). This money will be used for his sons education 20 years from now.

1.) Franklin Templeton has just invested $10,660 for his son (age one). This money will be used for his sons education 20 years from now. He calculates that he will need $71,544 by the time the boy goes to school. What rate of return will Mr. Templeton need to achieve this goal? INTERPOLATE TO FIND EXACT INTEREST RATE.

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ANSWER FORMULA USED TO INTERPOLATE:

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