$(Solving$ for $i)$ You are considering investing $in$ a security that will pay you $$5,000in31$ years.

$a.If$ the appropriate discount rate $is10$ percent $,$ what $is$ the present value $of$ this investment?

$b.$ Assume these investments sell for $$2,354in$ return for which you receive $5,000in31$ years. What $is$ the rate $of$ return investors earn $on$ this investment $if$ they buy $it$ for $$2,354?$

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Part $1$

$a.If$ the appropriate discount rate $is10$ percent, the present value $of$ this investment $is$ $

$$

enter your response here. $(Roundto$ the nearest cent.$)$