example problem. I am trying understand the details of Present value. I have the tables but do not understand how they got the answer. They are not explaining well enough for me. Here is the word problem:

On May 15, 2018 Rick Newlin reached a settlement on a long

overdue contract. The settlement results in Rick receiving a

total of $1,900,000 -- scheduled over 4 annual payments of

$475,000 each. The first payment starts on May 15, 2021, with

the remaining 3 payments following on May 15, 2022, May 15,

2023, and May 15, 2024

Rick wants to know the present value of his settlement today on

May 15, 2018, at a 6% interest rate. Show all calculations.

the answer that was given did not make sense to me. Here is what they gave:

Solution:

Present value of settlement = $475,000 * Cumulative PV factor at 6% for 3rd period to 6th period

= $475,000 * 3.08393 = $1,464,867

is this correct? I am not sure how they came up with 3.08393? the tables does not give that number. I would like a break down of how they came up with that number if it is even the correct number. I tried doing the calculation but I think I am doing wrong on the steps of the calculation to get the 3.08393.

Thank you so much