Franklin Templeton has just invested $9,960 for his son (age one). This money will be used for his son's 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? UseAppendix Bfor an approximate answer, but calculate your final answer using the formula and financial calculator methods