can you explain why we need to calculate the present value at 2& 3/4 years ? i know its because the first payment is in exactly 3 years , but why exactly ? can you explain in details please , im confused

Problem #2: Find the PV today of 12 consecutive quarterly payments of $100, with the first payment in exactly 3 years, if the interest rate is 15% with semi annual compounding. Solution: 5 last pont Auto 100 in ist with semi-annual compounding EAR with semi-annual compounding: EAR = (1 + Ots) - 15.563 % Quarterly effectie role (1 +0.15562) - 3.927 Step 1: Calculate the PV at 2 years and 9 months (because the first payment is at exactly 3 years) Step 2: Discount this back to today: Step 1: Using the financial calculator: So, to calculale N @ 23/6 yes : PMT $100 > 3.682 ns12 FO PV =$956.0