a. Katherin Lee is considering an investment that pays $15,000 per year for 20 years and opportunity cost is 9.5 percent interest. If she doesnt receive the first $15,000 payment until one year from today, what is the most she should be willing to pay for the investment? How much would she be willing to pay if she receives the first $15,000 payment today?

b. An investor can buy a security at a price of $78.35 that will pay $100 after five years. What rate of return will s/he earn if he purchases the security?

Please answer both the questions. It's a request.