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Problem 4-17 Present Value for Various Compounding Periods Find the present value of $475 due in the future under each of the following conditions. Do

Problem 4-17 Present Value for Various Compounding Periods

Find the present value of $475 due in the future under each of the following conditions. Do not round intermediate calculations. Round your answers to the nearest cent.

  1. 4% nominal rate, semiannual compounding, discounted back 5 years $
  2. 4% nominal rate, quarterly compounding, discounted back 5 years $
  3. 4% nominal rate, monthly compounding, discounted back 1 year $

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