21a) 11 years ago you purchased an investment for $1,451. You sold the entire investment today for $2,621. Given its riskiness, the expected return, E(r), on the investment was 4.17% when expressed as an EAR. Determine the annualized effective IRR for this investment. Express your answer as a PERCENT.

b)You just purchased an interesting investment in silicon chips for a total cost of $5,226. You expect to sell the entire investment in 87 months for $9,598. Given its riskiness, the expected return, E(r), on the investment is 5.7% when expressed as an EAR. Determine the effective IRR for this investment on a monthly basis.