Question: Can someone please explain the answer and why you do each step for this question? You will receive $100 one year from today and another

Can someone please explain the answer and why you do each step for this question?

You will receive $100 one year from today and another $100 two years from today. The interest rate for the first year is 5%, but rates are expected to rise to 8% in the second year. What is the present value of the cash flows?

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