Salvatore has the opportunity to invest in a scheme which will pay $ 7 ,500 at the end of each of the next 5 years. He must invest $ 15 ,000 at the start of the first year and an additional $ 15, 000 at the end of the first year. What is the present value of this investment if the interest rate is 2%?

(answer:5645.06)Please solve by formula