Problem: Present and future values for different periods. Find the following values, using the equations and then a financial calculator compounding/discounting occurs annually.
1) An initial $500 compounded for 1 year at 6%.
2) An initial $500 compounded for 2 years at 6%.
3) The present value of $500 due in 1 year at a discount rate of 6%.
4) The present value of $500 due in 2 years at a discount rate of 6%.