a. Suppose youve been offered an investment contract paying you $125 per month for the next 7 years based on an investment made today at 8%. How much would you expect to pay for this contract? Your answer should be expressed in decimal form extended to two places to the right of the decimal point

b. Suppose you purchased an annuity for $10,214 offering annual income of $1,589 based on a 6.7% interest rate. For how many years would the annuity provide you with payments? Your answer should be expressed in years rounded to the 2^nd place to the right of the decimal point