Problem $1$: Find the following values for a lump sum assuming annual compounding $($Note: provide answer in full dollars$/$cents form, e$.$g$.,$ $$123\mathrm{.}45)$:

a$.$ The future value of $$500$ invested at $8$ percent for one year

b$.$ The future value of $$500$ invested at $8$ percent for five years

c$.$ The present value of $$500$ to be received in one year when the opportunity cost rate is $8$ percent

d$.$ The present value of $$500$ to be received in five years when the opportunity cost rate is $8$ percent