Find the present value of $700 due in the future under each of these conditions:
10% nominal rate, semi annual compounding, discounted back 5 years. Round your answer to the nearest cent.
$
10% nominal rate, quarterly compounding, discounted back 5 years. Round your answer to the nearest cent.
$
10% nominal rate, monthly compounding, discounted back 1 year. Round your answer to the nearest cent.
$
Why do the differences in the PVs occur?