Excel 2011 :: Looking For PV Formula That Accommodates Delay Period

My software is Excel for Mac 2011 version 14.4.3 (140616).

I am using the present value formula =PV(rate, nper, pmt, [fv], [type]), with the pmt expressed as a negative number, to determine the present value of a lump sum that would generate specific, equal, regular annual payments, exhausting itself in the process. I fill it in this way: rate is an annual rate, nper is the number of years the payments run, pmt is the annual amount paid each year, fv =0, type =1

I would like to be able to have a similar formula in Excel that would do the same thing except that it would take into account a time period where no payment is made, ie a "delay".

For example using the PV formula I know that if I have $49,019.96 invested at 1%, it will generate $10,000 per year for 5 years, leaving a net investment of 0. I would like to know the formula that would tell me how much I would need to invest at 1% to yield $10,000 per year for 5 years, again exhausting itself completely in the process, with the first $10,000 payment starting 3 years from now. I know it would be less because I would have the full amount earning interest for 3 years at 1% before any payments need to be made.