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Franklin Templeton has just invested $10,260 for his son (age one). This money will be used for his son's education 20 years from now.

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Franklin Templeton has just invested $10,260 for his son (age one). This money will be used for his son's education 20 years from now. He calculates that he will need $168,197 by the time the boy goes to school. What rate of return will Mr. Templeton need in order to achieve this goal? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Rate of return %

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