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A contract requires lease payments of $300 at the beginning of every month for 3 years. a. What is the present value of the contract

A contract requires lease payments of $300 at the beginning of every month for 3 years.

a. What is the present value of the contract if the lease rate is 5.85% compounded annually? Round to the nearest cent

b. What is the present value of the contract if the lease rate is 5.85% compounded daily? Round to the nearest cent.

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