You are considering investing in a security that will pay you ​$1,000 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 ​$187 in return for which you receive ​$1,000 in 3131 years. What is the rate of return investors earn on this investment if they buy it for ​$187​?
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Part 1
a.  If the appropriate discount rate is 8 ​percent, the present value of this investment is ​$enter your response here. ​(Round to the nearest​ cent.)