Find the following values. Compounding/discounting occurs annually. Do not round intermediate calculations. Round your answers to the nearest cent. a. An initial $500 compounded for 10 years at 8%. $ b. An initial $500 compounded for 10 years at 16%. $ c. The present value of $500 due in 10 years at 8%. $ d. The present value of $2,970 due in 10 years at 16% and 8%. Present value at 16%: $ Present value at 8%: $ e. Define present value. 1. 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- How are present values affected by interest rates? -Select-