An investment producing cash flows in the amount of $1,655 per month is undertaken for a period of 28 months. The investor pays $31,800 for the investment and the contract stipulates that investment returns must be reported on a basis equivalent with annual compounding. Required: a. Given that the investment is sold after 28 months, what would be the equivalent annual compound rate of interest reported to the investor? b. What would be the annual rate compounded monthly for this investment? Note: For all requirements, do not round intermediate calculations and round your answers to 2 decimal places. a. Equivalent annual compound rate of interest b. Equivalent monthly compound rate of interest % %