Problem 5-24 Present value for various discounting periods Find the present value of $500 due in the future under each of these conditions: a. 15% nominal rate, semiannual compounding, discounted back 7 years. Round your answer to the nearest cent. b. 15% nominal rate, quarterly compounding, discounted back 7 years. Round your answer to the nearest cent. C. 15% nominal rate, monthly compounding, discounted back 1 year. Round your answer to the nearest cent. $ d. Why do the differences in the PVs occur? -Select