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Bill Padley expects to invest $16,000 for 8 years, after which he wants to receive $23,640.00. What rate of interest must Padley earn? (PV of

Bill Padley expects to invest $16,000 for 8 years, after which he wants to receive $23,640.00. What rate of interest must Padley earn? (PV of $1, FV of $1, PVA of $1, and FVA of $1)

Note: Use appropriate factor(s) from the tables provided. Round "Table Factor" to 4 decimal places.

Future Value Present Value Table Facor Interest rate
$23,640 / 16,000 = 1.4775 ? %

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