Consider the cash flow transactions depicted in the accompanying cash flow diagram with the changing interest rates specified. $600 $600 $400 $400 3 P 6% Interest compounded monthly 2 9% Years Interest compounded monthly 4 7% Interest compounded monthly (a) What is the equivalent present worth? (In other words, how much do you have to deposit now so that you can withdraw $400 at the end of year 1, $400 at the end of year 2, $600 at the end of year 3, and $600 at the end of year 4?) The equivalent present worth is $ 1634.10. (Round to the nearest dollar.) (b) What is the single, effective annual interest rate over four years? The single, effective annual interest rate over four years is %. (Round to one decimal place.)