Find the present value (one period before the first payment) of an annuity-immediate that lasts five years and pays $6,000 at the end of each month, using a nominal interest rate of 6% convertible monthly. (Round your answer to the nearest cent.) Repeat the problem using an annual effective discount rate of 6%. (Round your answer to the nearest cent.) Which is higher? Why? The present value calculated using the nominal interest rate is lower because the interest rate is higher than the nominal discount rate for the given annual effective discount rate. The present value calculated using the nominal interest rate is higher because the interest rate is higher than the nominal discount rate for the given annual effective discount rate. The present value calculated using the nominal interest rate is higher because the interest rate is lower than the nominal discount rate for the given annual effective discount rate. The present value calculated using the nominal interest rate is lower because the interest rate is lower than the nominal discount rate for the aiven annual effective discount rate