A contract requires lease payments of $$500$ at the beginning of every month for $8$ years.

a$.$ What is the present value of the contract if the lease rate is $5\mathrm{.}85\%$ compounded annually?

Round to the nearest cent

b$.$ What is the present value of the contract if the lease rate is $5\mathrm{.}85\%$ compounded daily?

Round to the nearest cent