1. When Dan signed a threeyear contract as a manager, the company allowed reimbursement of $490 at the end of every month for his car expenses. At the time the contract was signed, money was worth 7.59% compounded monthly.

(a) What value did the expense reimbursement provision have when the contract was signed?

(b) What is the outstanding value of the reimbursement after the 25th payment?

(a) The value was $ .

(Round to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

(b) The outstanding value is $ .

(Round to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)