You are head of the Schwartz Family Endowment for the Arts. You have decided to fund an arts school in the San Francisco Bay Area in perpetuity. Every 5 years you will give the school $700,000. The first payment will occur 5 years from today. If the interest rate is 11.9% per year, what is the present value of your gift?

-I am not only looking for the answer but step by step how to solve this problem please.