A friend wants to borrow money from you. He states that he will pay you $3,000 every 6 months for 12 years with the first payment exactly 3 years and six months from today. The interest rate is 5.3 percent compounded semiannually. What is the value of the payments today?

Multiple Choice

• $43,946.82

• $45,111.41

• $45,201.73

• $46,615.13

• $30,517.03