I need help with this question. Is there a formula that goes with it?

I need help with this question. Is there a formula that goes with it?

The local home improvement store has a washing machine on sale for $956, with the payment due in 1 year(s) from today. The store is willing to discount the price at an annual rate of 3 percent (compounded annually) if you pay today. What is the amount if the washing machine is paid for today? Please assist.