Each Quarter for the Next 10 Years, Carmen Lector Will

Essay

Each quarter for the next 10 years, Carmen Lector will deposit $1,000 into an investment fund that pays 8% compounded quarterly. Use the following tables:
Excerpt from the Present Value of an Ordinary Annuity of $1 Table
$$\begin{array} { | c | c | c | c | c | } \hline \text { Periods } & 2 \% & 4 \% & 6 \% & 8 \% \\\hline 10 & 8.98259 & 8.1109 & 7.36009 & 6.71008 \\\hline 40 & 27.35548 & 19.79277 & 15.04630 & 11.92461 \\\hline\end{array}$$
Excerpt from the Present Value of an Annuity Due of $1 Table
$$\begin{array} { | c | c | c | c | c | } \hline \text { Periods } & 2 \% & 4 \% & 6 \% & 8 \% \\\hline 10 & 9.16224 & 8.43533 & 7.80169 & 7.24689 \\\hline 40 & 27.90259 & 20.58448 & 15.94907 & 12.87858 \\\hline\end{array}$$
a. What is the present value of those investment payments if the first of 40 deposits are made at the end of each quarter?
b. What is the present value of those investment payments if the first of 40 deposits are made at the beginning of each quarter?