OA-10 Close Date: Sun, Jul 17, 2022, 11:59 PM Question 3 of 4 A contract requires lease payments of $700 at the beginning of every month for 5 years. a. What is the present value of the contract if the lease rate is 5.25% compounded annually? $13,952.22 X Round to the nearest cent b. What is the present value of the contract if the lease rate is 5.25% compounded monthly? $0.00 X Round to the nearest cent