(Solution) - Using a discount rate of 6 compounded monthly calculate the -(2025 Original AI-Free Solution)

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Using a discount rate of 6% compounded monthly, calculate the present value of monthly payments of $325 for 7_1 years if the payments are made:
a. At the end of each month?
b. At the beginning of each month?
c. By what percentage does the answer to Part (b) exceed the answer to Part (a)?