What is the present value of a 5 year ordinary annuity with annual payments of $200, evaluated

Question:

What is the present value of a 5 year ordinary annuity with annual payments of $200, evaluated at a 15 percent interest rate?

Annuity
An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...