Corp finance Q's (AFC2140)

[nacho]

This has been bugging me for 10 mins now;

chapter 6, Questions and problems 6.12 - calculating annuity payment.

Enwiabe is saving for a holiday in 3 years. He needs $5000 to cover all expenses. If he can invest his money at 10.3 per cent over the next 3 years, how much will he have to save every year if he starts saving at the end of this year?

Okay, I thought this would be a simple Future value of annuity question.

so i did:
FVA = CF/I * (1+i)^n - 1

=>
5,000 = CF/1.103 *  (1.103)^3 - 1

=>
CF = 5000 * 1.103/[(1.103)^3 -1]
therefore CF = $16129.5168...

which is obviously wrong. What the heck did I just figure out, if not the CF of each year?

EDIT: .. dumbassery to the insanest extent. I put i = 1.103 instead of 0.103.
where are the LaTeX guides?
When I get 100 for this subject, come back to this thread and see what level I was at when I first begun..

so just incase, my answer should be:
 
CF  = 5000 * 0.103/[(1.103)^3 -1]
therefore CF = $1506.20, correct?