A payment of $2,700 is due in 2 years and $3,300 is due in 4 years. These two original payments are to be rescheduled with a payment of $1,850 in 1 year and the balance in 3 years. Calculate the payment required in 3 years for the rescheduled option. Assume that money earns 5.5% compounded quarterly.

Include a well-labelled timeline diagram. Write out and submit your complete solution.