$($Related to Checkpoint $5\mathrm{.}6)($Solving for $i)$ You are considering investing in a security that will pay you $$4,000$ in $28$ years.

a$.$ If the appropriate discount rate is $12$ percent, what is the present value of this investment?

b$.$ Assume these investments sell for $$856$ in return for which you receive $$4,000$ in $28$ years. What is the rate of return investors earn on this investment if they buy it for $$856?$

a$.$ If the appropriate discount rate is $12$ percent, the present value of this investment is $

$($Round to the nearest cent.$)$