April received an inheritance from her grandmother in the form of an annuity. the annuity pays $3,000 on january 1st from 1966 through 1984. find the value of this annuity on january 1, 1966 using an annual effective interest rate of 5% and represent this value by an appropriate annuity symbol.

Mikkelson corporation's stock had a required return of 12.50% last year, when the risk-free rate was 3% and the market risk premium was 4.75%. then an increase in investor risk aversion caused the market risk premium to rise by 2%. the risk-free rate and the firm's beta remain unchanged. what is the company's new required rate of return? (hint: first calculate the beta, then find the required return.) do not round your intermediate calculations.