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Bill Padley expects to invest $ 1 3 , 0 0 0 for 8 years, after which he wants to receive $ 1 6 ,

Bill Padley expects to invest $13,000 for 8 years, after which he wants to receive $16,468.40. What rate of interest must Padley earn?
(PV of $1, FV of $1, PVA of $1, and FVA of $1)(Use appropriate factor(s) from the tables provided. Round "Table Factor" to 4 decimal
places.)
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