Caleb was supposed to make a payment of $2,500 in 1 year and another payment for $1,100 in 6 years to Maroon Inc. as part of a payment plan. Instead, he is trying to reach an agreement with the company where he would settle both payments in 3 years. Assume that money is worth 4.19% compounded semi-annually.

a. Calculate the equivalent value of the $2,500 payment and the $1,100 payment today.

b. Calculate the size of the payment required in 3 years to settle the amount.