Linda Clark recelved $$221,000$ from her mother's estate. She placed the funds into the hands of a broker, who purchased the following securities on Linda's behalf:

a$.$ Common stock was purchased at a cost of $$110,000.$ The stock paid no dividends, but it was sold for $$190,000$ at the end of three years.

b$.$ Preferred stock was purchased at its par value of $$42,000.$ The stock paid a $4\%$ dividend $($based on par value$)$ each year for three years. At the end of three years, the stock was sold for $$28,000.$

c$.$ Bonds were purchased at a cost of $$69,000.$ The bonds paid annual interest of $$3,000.$ After three years, the bonds were sold for $$74,000.$

The securities were all sold at the end of three years so that Linda would have funds available to open a new business venture. The broker stated that the investments had earned more than a $12\%$ return, and he gave Linda the following computations to support his statement:Click here to view Exhibit $14$B$-1$ and Exhibit $14$B$-2,$ to determine the appropriate discount factor$($s$)$ using tables.Required:$1-$a$.$ Using a $12\%$ discount rate, compute the net present value of each of the three investments$\mathrm{.}1-$b$.$ On which investment$($s$)$ did Linda earn a $12\%$ rate of return?$2.$ Considering all three investments together, did Linda earn a $12\%$ rate of return?$3.$ Linda wants to use the $$292,000$ proceeds $($$$190,000+$$$28,000+$$$74,000=$$$292,000)$ from sale of the securities to open a retail store under a $12-$year franchise contract. What minimum annual net cash inflow must the store generate for Linda to earn a $9\%$ return over the $12-$year period?