A contract requires lease payments of $700 at the beginning of every month for 6 years. a.
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Question:
A contract requires lease payments of $700 at the beginning of every month for 6 years.
a.What is the present value of the contract if the lease rate is 4.50% compounded annually?
Round to the nearest cent
b.What is the present value of the contract if the lease rate is 4.50% compounded monthly?
Round to the nearest cent
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