You expect to receive a payment of $600 one year from now. Answer the following questions and show your calculations: The discount rate is 6%.

 You expect to receive a payment of $600 one year from now. Answer the following questions and show your calculations:

The discount rate is 6%. What is the present value of the payment to be received? 

Suppose that the discount rate rises to 7%. What is the present value of the payment to be received?

What will cause the present value of a future payment to decline?