a) Kiran Inc. has an unfunded pension liability of $575 million that must be paid in 20 years. To assess the value of the firm's stock, financial analysts want to discount this liability back to the present. If the relevant discount rate is 6.8%, what is the present value of this liability? b) Suppose you are committed to owning a $190,000 BMW. If you believe your mutual fund can achieve a 12% annual rate of return and you want to buy the car in nine years on the day you turn 30, how much must you invest today? c) You are looking at an investment that has an effective annual rate of 14%. a. What is the effective semiannual return? b. What is the effective quarterly return? c. What is the effective monthly return