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Find the present value of $700 due in the future under each of these conditions: 7% nominal rate, semiannual compounding, discounted back 10 years. Do

Find the present value of $700 due in the future under each of these conditions:

  1. 7% nominal rate, semiannual compounding, discounted back 10 years. Do not round intermediate calculations. Round your answer to the nearest cent.

  2. 7% nominal rate, quarterly compounding, discounted back 10 years. Do not round intermediate calculations. Round your answer to the nearest cent.

  3. 7% nominal rate, monthly compounding, discounted back 1 year. Do not round intermediate calculations. Round your answer to the nearest cent.

  4. Why do the differences in the PVs occur?

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