A contract requires lease payments of $$700$ at the beginning of every month for $7$ years.

a$.$ What is the present value of the contract if the lease rate is $4\mathrm{.}50\%$ compounded annually?

Round to the nearest cent

b$.$ What is the present value of the contract if the lease rate is $4\mathrm{.}50\%$ compounded monthly?

Round to the nearest cent