Calculating Rates of Return

Assume the total cost of a college education will be $350,000 when your child enters college in 17 years. You presently have $56,000 to invest. Required: What annual rate of interest must you earn on your investment to cover the cost of your childs college education? (Round your answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).)

Annual rate ___________ %