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A contract requires lease payments of $700 at the beginning of every month for 9 years. a. What is the present value of the contract

A contract requires lease payments of $700 at the beginning of every month for 9 years.

a. What is the present value of the contract if the lease rate is 5.75% compounded annually?

Round to the nearest cent

b. What is the present value of the contract if the lease rate is 5.75% compounded monthly?

Round to the nearest cent

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