Deal or Deal?

Welcome to the game show "Deal or Deal", where making a deal is not optional.

I'm offering you two deals, but you can only pick one. Which one gives you the highest present value?

Deal 1

$500,000 in ten years at a 4.75% discount rate compounding monthly.

Deal 2

$500,000 in ten years at a 4.75% discount rate compounding weekly.