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Bill Padley expects to invest $8,000 for 8 years, after which he wants to receive $12,750. What rate of interest must Padley earn? (PV of

Bill Padley expects to invest $8,000 for 8 years, after which he wants to receive $12,750. What rate of interest must Padley earn? (PV of $1,FV of $1,PVA of $1, andFVA of $1)(Use appropriate factor(s) from the tables provided.Round FV factor to 4 decimal places.)

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