12. Problem 5.24 (Present Value for Various Discounting Periods) Find the prevent value of $700 due in the future under each of these conditions: a. 12% nominal rate, semiannusi compounding, discounted back \& years. Do not round intermedate calculations. Aound your answer to the nearest cent. 5 b. 12% nominal rate, quarterly compounding, discounted back 8 years. Do not round intermediate caloulations. Round your answer to the nearest cent. 5 1 4. Why do the dmerences in the PVis sccur