You expect to receive $$100,000$ in five years. Assume that the appropriate discount rate is $11\%.$ a$.$ What is the present value of this cash flow, discounted back to year $2?$

b$.$ What is the present value of that present value, discounted back to year $0?$

c$.$ What is the present value of the $$100,000$ cash flow in year $5,$ discounted back to year $0?$

d$.$ How should the answer in question $2.$c compare with the answer in question $2.$b$?$ Explain!

$($Use the Excel Formula to show them$)$