Exercise C-8 (Algo) Calculate the present value of a single amount (LO C-3) You believe you have discovered a new medical device. You anticipate it will take additional time to get the device fully operational, run clinical trials, obtain FDA approval, and sell to a buyer for $550,000. Assume a discount rate of 7% compounded annually. What is the value today of discovering the medical device, assuming you sell it for $550,000 in (a) two years, (b) three years, or (c) four years? (FV of $1, PV of $1, FVA of $1, and PVA of $1 ) (Use tables, Excel, or a financial calculator. Round your answers to 2 decimal places.)