Find the following values. Compounding$/$discounting occurs annually. Do not round intermediate calculations. Round your answers to the nearest cent.

a$.$ An initial $$700$ compounded for $10$ years at $10\%.$

$$$

b$.$ An initial $$700$ compounded for $10$ years at $20\%.$

$$$

c$.$ The present value of $$700$ due in $10$ years at $10\%.$

$$$

d$.$ The present value of $$2,185$ due in $10$ years at $20\%$ and $10\%.$

Present value at $20\%$:$$$$$

Present value at $10\%$:$$$$$

e$.$ Define present value.

The present value is the value today of a sum of money to be received in the future and in general is less than the future value.

The present value is the value today of a sum of money to be received in the future and in general is greater than the future value.

The present value is the value today of a sum of money to be received in the future and in general is equal to the future value.

The present value is the value in the future of a sum of money to be received today and in general is less than the future value.

The present value is the value in the future of a sum of money to be received today and in general is greater than the future value.

$-$Select$-$IIIIIIIVVItem $6$

How are present values affected by interest rates?