$($Related to Checkpoint$5\mathrm{.}6)($Solving for i$)$ You are considering investing in a security that will pay you $$$$4$ 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 $$$$887$ in return for which you receive $$$$4$ comma $000$ in $31$ years. What is the rate of return investors earn on this investment if they buy it for $$$$887?$

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Part $1$

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

$$

enter your response here. $($Round to the nearest$$ cent.$)$