You are head of the Schwartz Family Endowment for the Arts. You have decided to fund an arts school in the San Francisco Bay Area in perpetuity....

You are head of the Schwartz Family Endowment for the Arts. You have decided to fund an arts school in the San Francisco Bay Area in perpetuity. Every 5 years you will give the school $700,000. The first payment will occur 5 years from today. If the interest rate is 11.9% per year, what is the present value of your gift?

-I am not only looking for the answer but step by step how to solve this problem please.