$($Solving for i $)$

You are considering investing in a security that will pay you $$3,000$

in $28$ years.

a$.$If the appropriate discount rate is $12$ percent, what is the present value of this investment?

b$.$Assume these investments sell for $$887$ in return for which you receive $$3,000$ in $28$

years. What is the rate of return investors earn on this investment if they buy it for $$887?$

Part $1$

a$.$If the appropriate discount rate is $12$ percent, the present value of this investment is $$\_\_\_\_\_\_.$

$($Round to the nearest cent.$)$