Present value for various discounting periods Find the present value of $200 due in the future under each of these conditions:
16% nominal rate, semiannual compounding, discounted back 8 years. Round your answer to the nearest cent.
16% nominal rate, quarterly compounding, discounted back 8 years. Round your answer to the nearest cent.
16% nominal rate, monthly compounding, discounted back 1 year. Round your answer to the nearest cent.
Why do the differences in the PVs occur?