1. Find the following values using the equations and then a financial calculator. Compounding/discounting occurs annually. Do not round intermediate calculations. Round your answers to the nearest cent.

a. An initial $400 compounded for 1 year at 7%.

b.An initial $400 compounded for 2 years at 7%

c. The present value of $400 due in 1 year at a discount rate of 7%.

d. the present value of $400 due in 2 years at a discount rate of 7%