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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 $7\%.$

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b$.$ An initial $$500$ compounded for $10$ years at $14\%.$

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c$.$ The present value of $$500$ due in $10$ years at $7\%.$

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d$.$ The present value of $$1,055$ due in $10$ years at $14\%$ and $7\%.$

Present value at $14\%$:$

Present value at $7\%$:$

e$.$ Define present value.

I. 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$-C$

How are present values affected by interest rates?