A contract requires lease payments of $900 at the beginning of every month for 5 years. a. What is the present value of the contract if the lease rate is 3.50% compounded annually? $22,450.26 ☑ Round to the nearest cent b. What is the present value of the contract if the lease rate is 3.50% compounded monthly? $49,472.99 X Round to the nearest cent

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