(Related to Checkpoint 5.4) (Present value) What is the present value of $700 to be received 15 years from now discounted back to the present at 8 percent? The present value of $700 to be received 15 years from now discounted back to the present at 8 percent is $ (Round to the nearest cent.) (Related to Checkpoint 5.6) (Solving for i ) Kirk Van Houten, who has been married for 23 years, would like to buy his wife an expensive diamond ring with a platinum setting on their 30 -year wedding anniversary. Assume that the cost of the ring will be $12,000 in 7 years. Kirk currently has $4,488 to invest. What annual rate of return must Kirk earn on his investment to accumulate enough money to pay for the ring? The annual rate of return Kirk must earn on his investment to accumulate enough money to pay for the ring is \%. (Round to two decimal places.)