Example: Non-annual effective rates

Assume the EAR is 6.17%. What is the effective 6-month rate? What is the PV of $1,000 to be received in 6 months?

Solution:

Effective 6-month rate: (1+0.0617)^6/12 - 1 = 0.0304 or 3.04%

PV: 1000/(1+0.0304) = 970.52

Hello, I got one more question here for the PV part. I thought, according to the PV formula, PV= FV/(1+r)^t, right? But here, why is there no "^t" at here (1+0.0304)? Why does the equation just divide 1000/(1+0.0304)?

Could you please explain it in detail as I am studying for upcoming exams in a few days? I am still having difficulty understanding this topic.