8. Problem 5.24 (Present Value for Various Discounting Periods) eBook Find the present value of $600 due in the future under each of these conditions: a. 8% nominal rate, semiannual compounding, discounted back 5 years. Do not round intermediate calculations. Round your answer to the nearest cent. $ b. 8% nominal rate, quarterly compounding, discounted back 5 years. Do not round intermediate calculations. Round your answer to the nearest cent. $ c. 8% nominal rate, monthly compounding, discounted back 1 year. Do not round intermediate calculations. Round your answer to the nearest cent. $ d. Why do the differences in the PVs occur? The present values decline as periods per year increase