A contract requires lease payments of $$500$ at the beginning of every month for $5$ years.

a$.$ What is the present value of the contract if the lease rate is $6\mathrm{.}21\%$ compounded annually?

$$0\mathrm{.}00$

Round to the nearest cent

b$.$ What is the present value of the contract if the lease rate is $6\mathrm{.}21\%$ compounded daily?