Find the following values using the equations and then a financial calculator. Compounding/discounting occurs annually. Do not round intermediate calculations. Round your answers to the nearest cent.

1. An initial $500 compounded for 1 year at 4%.

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2. An initial $500 compounded for 2 years at 4%.

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3. The present value of $500 due in 1 year at a discount rate of 4%.

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4. The present value of $500 due in 2 years at a discount rate of 4%.