I'm working on my assignment for Intermediate Accounting and having a hard time understanding this.

Using the appropriate present value table and assuming a 12% annual interest rate, determine the present value on December 31, 2016, of a five-period annual annuity of $5,000 under each of the following situations: question #3 The first payment received in December 31,2017, and interest is compounded quartely ( i=) (n=) ( deposit ) PV>12/31/2016

12/31/2017 3% $5000

12/31/2018 3% 5,000

12/31/2019 3% 5,000

12/31/2020 3% 5,000

,12/31/2021 3% 5,000