You are a financial analyst and have been called upon by a lawyer to use your expertise in determining the current worth of a settlement granted to a plaintiff who was injured two years ago and has not worked since then as a result of a work$-$related accident. Doctors testified that it will be $5$ years before the plaintiff will be able to return to work. The settlement is as follows:

$1.$ The plaintiff will be awarded the present value of his annual salary for the past two years which would have been $$44,000$ and $$47,000,$ respectively $($paid in equal amounts at the end of each month$)$;

$2.$ The plaintiff will be awarded the present value of five years' future salary under the assumption the salary will be $$51,000$ per year, payable in equal amounts at the end of each month ;

$3.$ The plaintiff will be awarded $$200,000$ for pain and suffering;

$4.$ The plaintiff will be awarded $$25,000$ for court costs; and

$5.$ An annual percentage rate of $6\mathrm{.}78$ percent will be applied to determine the present value of the settlement.

Based upon the above information, answer the following questions:

a$.$ Compute the present value of the award pertaining to point $(1)$ of the settlement.

b$.$ Compute the present value of the award pertaining to point $(2)$ of the settlement.

c$.$ Compute the present value of the award in totality.

d$.$ What is the effective interest rate used in your computations?

e$.$ If you were the plaintiff, would you prefer a higher or lower interest rate? Carefully explain why.