how is this done by hand?

28. You are considering an investment that promises to make 10 payments of $5,000. The payments will be made every two years. The only twist is that the first payment will be received in one year. If you required a return of 10% per year compounded semi-annually, how much would you be willing to pay for this investment? A) $18,054.93 B) $23,046.22 $21,945.87 $16,445.31 E) $19,905.56