Question $1$

$4$ pts

Peter will receive monthly payments of $$800$ for the next $5$ years. The required return is $12$ percent. Only need to input formula with numbers, no calculation needed.

a$)$ What is the present value if payments are paid at the end of each month $($i$.$e$.,$ first payment takes place in month $1)?$

b$)$ What is the present value if payments are paid at the beginning of each month $($i$.$e$.,$ first payment takes place now$)?$