Please round all values to a nearest cent, i.e. $2.3572 = $2.36, and interest rate to 2 decimals when expressed in %, i.e. 2.355691% = 2.36%.

What is the present value of 15 payments of $50 each received every 9 months (the first one occurring in 9 months from now), if the annual discount rate (compounded annually) is 10%? Please keep two digits after the decimal.

Please show all the steps and formula used. I am an art history major!