A contract requires lease payments of $700 at the beginning of every month for 4 years. a. What is the present value of the contract if the lease rate is 4.50% compounded annually? Round to the nearest cent b. What is the present value of the contract if the lease rate is 4.50% compounded monthly? A contract requires lease payments of $700 at the beginning of every month for 4 years. a. What is the present value of the contract if the lease rate is 4.50% compounded annually? Round to the nearest cent b. What is the present value of the contract if the lease rate is 4.50% compounded monthly