3 . A contract requires lease payments of $800 at the beginning of every month for 4 years a. What is the present value of the contract if the lease rate is 3.50% compounded annually? b. What is the...

3. A contract requires lease payments of $800 at the beginning of every month for 4 years

a. What is the present value of the contract if the lease rate is 3.50% compounded annually?

b. What is the present value of the contract if the lease rate is 3.50% compounded monthly?