Ray owns a gym and he needs equipment for a new workout class. He has two options:

-Lease equipment for $1100 per month

-Purchase new equipment for $2400 which he will finance with a bank loan that charges an interest rate of 7.1%, compounded monthly. He will pay off the loan in 2 years with regular monthly payments. After 2 years, he can sell the equipment for $3800.

The workout class runs 3 days a week and he expects to make $285 for each day that the workout class is run.

a)How much profit will Ray make over 2 years if he leases the equipment?

b)How much profit will Ray make over 2 years if he buys the equipment?