$($Solving for i$)$

You are considering investing in a security that will pay you $$5,000$ in $31$ years.

a$.$If the appropriate discount rate is $11$ percent, what is the present value of this investment?

b$.$Assume these investments sell for $$2,426$ in return for which you receive $$5,000$ in $31$

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 is $11$ percent, the present value of this investment is $$\_\_\_\_\_\_\_\_($Round to the nearest cent.$)$