An investor has $$8000$ to invest and is willing to keep it invested for up to five years. They invest it in a $1-$year certificate of deposit that pays $1\mathrm{.}7\%$ simple interest.

Part $1$ of $2$

What is the future value of the investment?

The future value of the investment is $

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

Part $2$ of $2$

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

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