Walt is evaluating an investment that will provide the following returns at the end of each of the following years: year $1,$ $$14,400$; year $2,$ $$11,900$; year $3,$ $$9,400$; year $4,$ $$6,900$; year $5,$ $$4,400$; year $6,$ $$0$; and year $7,$ $$14,400.$ 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.