Present value of an annuity

Determine the present value of $$230,000$ to be received at the end of each of $4$ years, using an interest rate of $5\mathrm{.}5\%,$ compounded annually, as follows:

a$.$ By successive computations, using the present value of $$1$ table in Exhibit $5.$ Round to the nearest whole dollar.

Year Present Value

First year fill in the blank $1$

Second Year fill in the blank $2$

Third Year fill in the blank $3$

Fourth Year fill in the blank $4$

Total present value $fill in the blank $5$

b$.$ By using the present value of an annuity of $$1$ table in Exhibit $7.$ Round to the nearest whole dollar.

fill in the blank $1$ of $1$

c$.$ Why is the present value of the four $$230,000$ cash receipts less than the $$920,000$ to be received in the future?

The present value is less due to $\_\_\_\_\_$

over the $4$ years.