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Problem Walk$-$Through

Find the present value of $$400$ due in the future under each of these conditions:

a$.12\%$ nominal rate, semiannual compounding, discounted back $7$ years. Do not round intermediate calculations. Round your answer to the nearest ce $

b$.12\%$ nominal rate, quarterly compounding, discounted back $7$ years. Do not round intermediate calculations. Round your answer to the nearest cent. $

c$.12\%$ nominal rate, monthly compounding, discounted back $1$ year. Do not round intermediate calculations. Round your answer to the nearest cent. $

d$.$ Why do the differences in the PVs occur?

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