$-1.$Calculate the present value of the payments if you can borrow or lend funds at an interest rate of $5$ percent.

Note: Do not round intermediate calculations. Round your answer to $2$ decimal places.

a$-2$ Which is a better deal?

b$-1.$ Calculate the present value if the payments on the $4-$year installment plan do not start for a full year.

Note: Do not round intermediate calculations. Round your answer to $2$ decimal places.

b$-2.$ Which is a better deal?