You are considering investing in a security that will pay you $$$$1$ comma $000$ in $31$ years.

a$.$If the appropriate discount rate is $8$ percent$,$ what is the present value of this$$ investment?

b$.$Assume these investments sell for $$$$239$ in return for which you receive $$$$1$ comma $000$ in $31$ years. What is the rate of return investors earn on this investment if they buy it for $$$$239?$

Question content area bottom

Part $1$

a$.$If the appropriate discount rate is $8$percent$,$ the present value of this investment is $$$

$$

enter your response here. $($Round to