Walt is evaluating an investment that will provide the following returns at

the end of each of the following years: year $1,$$$13,900$; year $2,$$$11,400$;

year $3,$$$8,900$; year $4,$$$6,400$; year $5,$$$3,900$; year $6,$$$0$; and year $7,$

$$13,900.$ Walt believes that he should earn $12$ percent compounded

annually on this investment.

Required:

a$.$ How much should he pay for this investment?

b$.$ How much should he pay if he expects to earn an annual return of $9$

percent compounded monthly?

Note: For all requirements, do not round PV factors and round your

other intermediate calculations and final answer to the nearest whole

dollar amount.

a$.$ Value of investment at $12\%$

b$.$ Value of investment at $9\%$