Suppose a condo generates $12,000 in cash flows in the first year. If the cash flows grow at 4% per year, the interest rate is 9%, and the building will be sold at the end of 22 years with a value of $70,000, what is the present value of the condo’s cash flow? Enter your response below (rounded to 2 decimal places). Number

If the annual percentage rate (APR) is 5% and the compounding period is monthly, what is the effective annual rate (EAR)? Enter your answer as a percentage. Do not include the percentage sign in your answer. Enter your response below (rounded to 2 decimal places). Number