1.Miquel Liao invests in a Principal-Protected Note that includes a "participation rate" of 30%. The underlying index was 420 at the time of Miguel's initial investment and was 588 at the time Miguel's PPN reached its maturity date. What is the rate of return that Miguel earned on his investment?

2.Jorge Marron invests $6,000 in a Principal-Protected Note that includes a maximum cap of 30%. The underlying index was 800 at the time of Jorge's initial investment and was 1080 at the time Jorge's PPN reached its maturity date. What amount did the issuer of the PPN pay to Jorge?

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