a) A contract requires that Bob makes payments of $1319 and $3728 to Jim 24 and 45 months respectively. Bob would like to change the payment structure to a payment of $1901 today, and a second payment made 45 months from today. If the two sets of payments are economically equivalent, and the interest rate is 6% compounded quarterly, then what is the amount of the second payment? Give your answer rounded to the nearest cent.

b) Ellenor pays month-end payments of $843 into her RRSP for 33 years. The RRSP has an interest rate of 4% compounded quarterly. At the end of 33 years, she purchases an annuity that will pay her bi-weekly payments (at the end of each bi-weekly period) for 32 years. The interest of the annuity is 3% compounded semi-annually. How much are Ellenor's biweekly payments when she retires?