Problem $5-6$ Calculating Interest Rates $[$LO$3]$

Assume the total cost of a college education will be $$250,000$ when your child enters college in $17$ years. You presently have $$62,000$ to invest.

What annual rate of interest must you earn on your investment to cover the cost of your child's college education? $($Do not round intermediate calculations. Enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

Annual rate of interest $$