Find the following values for a lump sum assuming annual compounding:

• The future value of $500$500 invested at 8 percent for one year
• The future value of $500$500 invested at 8 percent for five years
• The present value of $500$500 to be received in one year when the opportunity cost rate is 8 percent
• The present value of $500$500 to be received in five years when the opportunity cost rate is 8 percent