3Find the present value of an ordinary annuity with deposits

3)Find the present value of an ordinary annuity with deposits of $16,641 quarterly for 9 years at 6.0% compounded quarterly.

What is the present value? $________

By compound interest formula:

F=P(1+I/N)^NT

F is a final amount=?

P is a principal:$16,641

I interest rate:6%

N is number of times in year is inter is compound:4(quarterly)

T is no of years:9

F=16641(1+6.0/4)^4.9

F=$28,441.79