A hockey league requires parents to pay $500 on September 1 for the year's league fees, and an additional $250 fee on December 15 of the same year to cover costs associated with an annual. Christmas hockey tournament

a. If a parent would like to write one cheque to cover all fees for the upcoming season, how much should the league be willing to accept as a single equivalent payment on September 1 if it can earn 3.2% on its money?

b. If a parent would like to pay in advance to cover the upcoming hockey season fees, how much should the league be willing to accept as a single equivalent payment at a pre-registration event held on June 30 prior to the start of the hockey season?