Find the rent which will amount to a sum of 12000 if payment

Find the rent which will amount to a sum of $12,000 if payments are made every half-year if The rent is an interest rate 4% is compounded semiannually at the end of 5 consecutive years.(Do not round until the final answer. Then round t0 the nearest cent as needed,

Solution

A = 12000( 1 + 4/200) * @*5

Rent = 12000(1 + 1/50)^10 - 12000

Rent = 12000( 1.02^10 - 1)

Rent = 12000(1.21 - 1)

Rent = 12000 * 0.21

Rent = $2520