Your friend was supposed to repay a loan with a loan payment of $1,000 due in 6 months and another loan payment of $1,500 due in 4 years. However, your friend agrees to make two payments that replace the originally scheduled payments. The first replacement payment of $1,250 is due in 2 years and the second replacement payment of $X is due in 3 years. Suppose the interest is 7% p.a. compounded quarterly and the focal date is 3 years from now (Year 3), your friend asks for your help to determine the size of the second replacement payment, $X. Answer the following question: If the focal date is at year 3, which variable does payment $1,250 represent? (Choose from FV, PV, n, or i) PV =