College Algebra Question- Help Needed

Question

The present value of a sum of money is the amount that must be invested now, at a given rate of interest, to produce the desired sum at a later date.

Find the present value of $10,000 if interest is paid at a rate of 7% per year, compounded semiannually, for 3 years. (Round your answer up to the nearest cent.)

Answer 1

10000(1+.07/2)^6

= $12,292.55 rounded to nearest penny