1) Ali deposits $262.00 every month into his son's RESP for the next six years until his son goes to college. Ali's son will receive quarterly payments from the RESP for the four years he is in college. If the RESP earns interest at a rate of 5.80% compounded monthly,find the size of the quarterly payments Ali's son will receive.

PMT =Round to the nearest cent

2) A contract requires lease payments of $700 at the beginning of every month for 6 years.

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

Round to the nearest cent

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

Round to the nearest cent