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Franklin Templeton has just invested $8,960 for his son (age one). This money will be used for his sons education 19 years from now. He

Franklin Templeton has just invested $8,960 for his son (age one). This money will be used for his sons 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?

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