John Foresight has just invested $9,860 for his son (age one). The money will be used for his son's education 20 years from now. He calculates that he will need $31,603 for his sons 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 arrive at the answer. Round the final answer to 2 decimal places.)

Rate of return %