Franklin Templeton has just invested $9, 260 for his son (age one). Th

Franklin Templeton has just invested $9, 260 for his son (age one). Th

Franklin Templeton has just invested $9, 260 for his son (age one). This money will be used for his son’s education 18 years from now. He calculates that he will need $71,231 by the time the boy goes to school. What rate of return will Mr. Templeton need in order to achieve this goal?