(b) For each of the following scenarios, find the present value of $500 to be paid at the end of 40 months. Apply the simple-interest method for the remaining fraction of the conversion period if necessary. Round your answer to the nearest cent. [5] (i) The nominal discount rate is 8% compounded every 3 months. (ii) The nominal interest rate is 4% compounded every 4 months. [5]