(Related to Checkpoint 5.6) (Solving for ) ) Krk Van Houten, who has boen married for 23 years. would like to buy his wiffe an expensive ciamond ring withi a plafinum selling oid their 30-year wedding anniversary. Assume that the cost of the ring will be $10,500 in 7 years. Kirk currently has $4,592 to irvest. What annual rafe of retum must kitk earing on his investment to accumulate enough money to pay for the ring? The annual rate of return Kick must earn on his investruent to accumulate enough money to pay for the ring is (Related to Checkpoint 5.6) (Solving for i) You are considering ifvesting in a seciaity that will pay you $4,000 in 29 years. a. If the appropriate discount rate is 12. percent, what is the present value of this investment? b. Assume these investments sell for $1,786 in retum for which you receive $4,000 in 29 years. What is the rate of roturn investars earn on this investment if they buy it for $1.786 ? a. If the appropriate discount rate is 12 percent, the present vakie of this imvestrient is : (Found to the ne arust cont)