Franklin Templeton has just invested $$8,960$ for his son $($age one$).$ This money will be used for his son$$s education $19$ years from now. He calculates that he will need $$54,634$ by the time the boy goes to school.

What rate of return will Mr$.$ Templeton need in order to achieve this goal? Use Appendix B for an approximate answer, but calculate your final answer using the formula and financial calculator methods.

Note: Do not round intermediate calculations. Round your final answer to $2$ decimal places.