Precalc Exponential Function Help

Question

Find the present value of $10,000 if interest is paid at a rate of 6% per year, compounded semiannually, for 5 years. (Round your answer to the nearest cent.)

Answer 1

Since interest is paid twice a year there are 10 compounding periods at 3%( 1/2 of 6%)

So y= 10000x(1.03)^10=13,439.16