1. A contract requires lease payments of $800 at the beginning of every month for 5 years.

a. What is the present value of the contract if the lease rate is 4.50% compounded annually?

b. What is the present value of the contract if the lease rate is 4.50% compounded monthly?

2. Caleb secured a 4-year car lease at 5.60% compounded annually that required him to make payments of $882.58 at the beginning of each month. Calculate the cost of the car if he made a downpayment of $1,750.

3. What is the accumulated value of periodic deposits of $40 at the beginning of every quarter for 16 years if the interest rate is 3.77% compounded quarterly?