John Foresight has just invested $9,360 for his son (age one). The money will be used for his son's education 19 years from now. He calculates that he will need $40,345 for his son's education by the time the boy goes to school. What rate of return will Mr. Foresight need to achieve this goal? (Use a Financial calculator to orrive ot the answer. Round the final answer to 2 decimal places.) Rate of return