How do I calculate the present value for a 3-year period from Jan. 1, 20X1, to Dec. 31, 20X3. The payments are: $10,000 in year 1, $12,000 in year 2, and $13,000 in year 3, paid on January 1 of each year. Assuming the incremental borrowing rate is 5%. This is what I have:

10,000 x 1.0/1.05 = 11,230

12,000 x 1.0/1.05(2) 10,884

13,000 x 1.0/1.05(3) = 9,524