Bill Padley expects to invest 18000 for 7 years after which

Bill Padley expects to invest $18,000 for 7 years, after which he wants to receive $27,064.80. 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 ValueTabl le Factor Interest Rate

[Future value /present value ] =Table factor =Interest rate

=[27064.8 /18000] = 1.5036= 6%