(Related to Checkpoint 5.6) (Solving for I) At what annual interest rate, compounded annually, would $500 have to be invested for it to grow to $1,968.84 in 10 years? The annual interest rate, compounded annually, at which $500 must be invested for it to grow to $1,968.84 in 10 years is %. (Round to two decimal places.) (Related to Checkpoint 5.4) (Present value) What is the present value of $600 to be received 8 years from now discounted back to the present at 11 percent? The present value of $600 to be received 8 years from now discounted back to the present at 11 percent is $ (Round to the nearest cent.)