Franklin Templeton has just invested $10,560 for his son (age one). This money will be used for his sons education 19 years from now. He calculates that he will need $38,123 by the time the boy goes to school.

What interest rate does Mr. Templeton need to earn in order to achieve this goal? (Round your final answer to 2 decimal places. For example, enter .1245 as 12.45)