$($Related to Checkpoint $5\mathrm{.}6)($Solving for $i)$ You are considering investing in a security that will pay you $$1,000$ in $30$

years.

a$.$ If the appropriate discount rate is $9$ percent, what is the present value of this investment?

b$.$ Assume these investments sell for $$303$ in return for which you receive $$1,000$ in $30$ years. What is the rate of return

investors earn on this investment if they buy it for $$303?$

a$.$ If the appropriate discount rate is $9$ percent, the present value of this investment is $$.($Round to the nearest cent.$)$