An annuity is deferred for 5 years before payouts begin. After the deferment, the account will pay $10,000 per quarter for 15 years at 5.5% compounded quarterly. What is the present value of the annuity before the deferment?

note : please explain to which account we use first compound or present annuity any why and solve the question with explanation. I am confused with deferred accounts any tips will be helpful to understand in deferred account how to know which account to use first compound or present annuity