Find the following values. Compounding/discounting occurs annually. Round your answers to the nearest cent. a. An initial $600 compounded for 10 years at 5%. $ b. An initial $600 compounded for 10 years at 10%. $ c. The present value of $600 due in 10 year at 5%. $ d. The present value of $1,625 due in 10 years at 10%. $ e. The present value of $1,625 due in 10 years at 5%. $ Define present value. 1. 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. II. 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. III. 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. IV. 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. V. 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. 1 How are present values affected by interest rates? Assuming positive interest rates, the present value will increase as the interest rate increases