Your client is looking into some investment options. An investment repays $40,000 in 5 years and a further $60,000 in 10 years. (a) If the interest rate over the period of the investment is 12% p.a. compounded monthly, what is the investment's present value? (b) If the interest rate for the first five years is 12% p.a. compounded monthly but will increase to 15% p.a. compounded semi-annually afterward, what would the investment's present value be