$(Solving$ for $i)$

You are considering investing $in$ a security that will pay you $$5,000in31$ years.

$a.If$ the appropriate discount rate $is11$ percent, what $is$ the present value $of$ this investment?

$b.$ Assume these investments sell for $$2,426in$ return for which you receive $$5,000in31$

years. What $is$ the rate $of$ return investors earn $on$ this investment $if$ they buy $it$ for $$2,426?$

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Part $1$

$a.If$ the appropriate discount rate $is11$ percent, the present value $of$ this investment $is$ $ ${?}_{(}()({)}_{?})(Roundto$ the nearest cent.$)$