Problem 5-10 Present and future values for different interest rates Try Snip & Sketch Find the following values. Compounding/discounting occurs annually. Round your answers to the nearest cent. a. An initial $600 compounded for 10 years at 7%. b. An initial 5600 compounded for 10 years at 14%. C. The present value of 5600 due in 10 year at a discount rate of 7%. d. The present value of $2,975 due in 10 years at 14%. e. The present value of $2,975 due in 10 years at 7%. f. Define present value. I. The present value is the value today of a sum of money to be received in the future and in general is less than the future value. II. The present value is the value today of a sum of money to be received in the future and in general is greater than the future value. III. The present value is the value today of a sum of money to be received in the future and in general is equal to the future value. IV. The present value is the value in the future of a sum of money to be received today and in general is less than the future value. V. The present value is the value in the future of a sum of money to be received today and in general is greater than the future value. -Select- 9. How are present values affected by interest rates? -Select