For each of the following, compute the present value:
(Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
- Calculate the present value of an investment that yields $1000 in 5 years with a discount rate of 10%.
- Calculate the present value of receiving $500 every year for 3 years with a discount rate of 5%.
a) $620.92, $500.00
b) $620.92, $470.92
c) $900.00, $520.00
d) $1000.00, $600.00