Please answer both the sections as it is part a and part b of the same question.

Chadstone Bank offers a 23-year annuity pays $3,000 every month. For the first 10 years, the monthly interest rate is 6%; for the remaining 13 years, the monthly interest rate is 5%. What is the present value today? (6 Marks) Balwyn Bank offers you two different investment plans. Plan X is a 30-year, $33,000 annual annuity and plan Y is a $25,000 annual perpetuity. Both plans will make their first payment one year from today. At what discount rate would give you same present value of these two investment plans today? (6 Marks)