Determine the present value of $220,000 to be received at the end of each of four years, using an interest rate of 6%, compounded annually, as follows: a. By successive computations, using the present value of $1 table in Exhibit S. Round to the nearest whole dollar 205,608 x Second Year 192,157 X First year Third Year 179,586 x Fourth Year 167,838 X Total present value 745,188 X b. By using the present value of an annuity of $1 table in Exhibit 7. Round to the nearest whole dollar. c. Why is the present value of the four $220,000 cash receipts less than the $880,000 to be received in the future? The present value is less due to deflation X over the 4 years