Franklin Templeton has just invested $9,960 for his son (age one). This money will be used for his sons education 17 years from now. He calculates that he will need $79,680 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.(Do not round intermediate calculations. Round your final answer to 2 decimal places.)

Rate of return

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