(Retated to Chockpoint 5.6) (Solving for f ) Kik Van Houten, who has been married for 22 years, would like to buy his wife an expensive diamond ring with a platinum sating on their 30 year wedding anniversary. Assume that the cost of the ring will be $12,000 in 8 years. Kirk currently has $4,527 to invest. What annual rate of retum 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 14 . %. (Round to two decimal places.) (Related to Checkpoint 5.4) (Present value) What is the present value of $600 to be recelved 15 years from now discounted back to the present at 11 percent? The present value of $600 to be received 15 years from now discounted back to the present at 11 percent is $ (Round to the nearest cent.)