Brooke was supposed to make a payment of $4,750 in 2 years and another payment of $700 in 8 years to Maroon Inc. as part of a payment plan. Instead, he is trying to agree with the company to settle both payments in 5 years. Assume that money is worth 4.19% compounded semi-annually.

a. Calculate the equivalent value of the $4,750 payment and the $700 payment today. (Round to the nearest cent)

b. Calculate the payment size required in 5 years to settle the amount. (Round to the nearest cent)