Problem $5-6$ Calculating Interest Rates $[$LO$3]$

Assume the total cost of a college education will be $$200,000$ when your child enters college in $16$ years. You presently have $$55,000$ to invest. What annual rate of interest must you earn on your investment to cover the cost of your child$$s college education? $($Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$