Why do we need to /0.12 for the PMT?

Company A expects that it will have a major capital expenditure of $90,000 in years' time. It would like to put aside an identical sum at the end of each of the coming 6 years to provide this capital expenditure. What amount of money should the company set aside each year? Interest rate is 12% per year. SAGARJAIN 10 minutes later --* (1 + r)"-1] 90,000 PIT (10.12)1 0.12 90,0000.12 1.126-1 PMT = PMT = $11,090.31 466 This is the amount the firm needs to put aside every year to fund for the capital expenditure