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Bill Padley expects to invest $16,000 for 6 years, after which he wants to receive $24,011.20. What rate of interest must Padley earn? (PV of

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Bill Padley expects to invest $16,000 for 6 years, after which he wants to receive $24,011.20. 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.) Future Value Present Value Table Factor Interest Rate $ 16,000.00 x

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