A contract requires lease payments of $900 at the beginning of every month for 6 years. What is the present value of the contract if the lease rate is 4.50% compounded annually? Round to the nearest...

A contract requires lease payments of $900 at the beginning of every month for 6 years.

1. What is the present value of the contract if the lease rate is 4.50% compounded annually?

Round to the nearest cent

2.       What is the present value of the contract if the lease rate is 4.50% compounded monthly?

Round to the nearest cent