PLEASE ANSWER ALL PARTS THEY ARE ALL PART OF 1 QUESTION

please show all work !!!

Today is January 1, 2014. Your friend Joe has just signed a contract to play for the Oil Kings. He will receive $900,000 for 2014, $1,000,000 for 2015, $1,100,000 for 2016, and $1,200,000 for 2017. All payments are made at the beginning of the year. Assume 8% annual interest rate (EAR).

a. What is the present value of his contract?

b. If instead of increasing annual payments Leo wants equal dollar amount month-end cheques, how large is his monthly pay (assuming the present value remains the same)?