Assume the total cost of a college education will be $335,000 when your child enters college in 15 years. You presently have $53,000 to invest.
Required: What annual rate of interest must you earn on your investment to cover the cost of your child's college education? (Do not include the percent sign (%). Enter rounded answer as directed, but do not use the rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)