An investor has $$13,000$ to invest and is willing to keep it invested for up to five years. You lend $$13,000$ to a frie starting a business, and she writes a contract guaranteeing you a $24\%$ return on your investment, to be paid in fu end of four years, with an option to reinvest if the company is successful.

Part $1$ of $2$

What is the future value of the investment?

The future value of the investment is $

Alternate Answer:

The future value of the investment is $$16,120.$

Part: $\frac{1}{2}$

Part $2$ of $2$

What is the effective rate per year for the four years when the money was invested?

The effective rate is $\%$ per year for the four years when the money was invested.