I did this question but i dont know if the answer is right or not. I got $10,744.3
Formula i used:PV=PMT/i
Is this the right formula?
A fund to provide an annual scholarship of $5700 is t obe set up. If the first payment is due in 3 years and interest is 6.4% compounded quarterly, what sum of money must be deposited in the scholarship fund today?