A contract requires lease payments of $$800$ at the beginning of every month for $5$ years.

a$.$ What is the present value of the contract if the lease rate is $5\mathrm{.}25\%$ compounded annually?

Round to the nearest cent

b$.$ What is the present value of the contract if the lease rate is $5\mathrm{.}25\%$ compounded monthly?

Round to the nearest cent