Franklin Templeton has just invested $9,160 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 $53,882 by the time the boy goes to school. What rate of return will Mr. Templeton need in order to achieve this goal? Use Appendix A and Appendix B.(Round "PV Factor" to 3 decimal places and final answer to the closest interest rate. Omit the "%" sign in your response.)