Problem:
Franklin Templeton has just invested $8,760 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 $60,000 by the time the boy goes to school. What rate of return will Mr. Templeton need in order to achieve this goal?
Your answer must be, typed, double-spaced, Times New Roman font (size 12), one-inch margins on all sides, APA format and also include references.Provide step by step solutions for the above question.