Janet Smith wants to receive a $1000 quarterly annuity payment at the end of every three-month period for the next 4 years. In order to fund the annuity payments, she must make a specific investment amount now. The investment will earn a 12% interest per year compounded quarterly over the next 4 years.

Calculate the amount that Janet will have to invest in order for her to receiver her quarterly payment of $1000.

The amount Janet needs to invest is $