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A contract requires lease payments of $400 at the beginning of every month for 10 years. a. What is the present value of the contract

A contract requires lease payments of $400 at the beginning of every month for 10 years.

a.What is the present value of the contract if the lease rate is 4.95% compounded annually?

b.What is the present value of the contract if the lease rate is 4.95% compounded daily?

Please provide details.

Thank you

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