yes, that is an annuity. The formula for the present value of an annuity is

S= payment amount

i = annual interest rate

v = 1/(1+i)

n=number of payments

It is difficult to believe that you would have been asked to do this question without being told the formula to do it. Review your course notes or read this

http://www.mathhelpforum.com/math-he...nt-values.html