John Foresight has just invested $$9,060$ for his son $($age one$).$ The money will be used for his son's education $20$ years from now. He calculates that he will need $$50,899$ for his son's education by the time the boy goes to school.

What rate of return will Mr$.$ Foresight need to achieve this goal? $($Use a Financial calculator to arrive at the answer. Round the final answer to $2$ decimal places.$)$

Rate of return