Franklin Templeton has just invested $$9,360$ for his son $($age one$).$ This money will be used for his son$$s education $19$ years from now. He calculates that he will need $$40,345$ 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.$)$