URGENT

Please explain me this. I asked a question on bonds, and they answered this:

Two years after the bonds were issued,rate of interest on similar bonds fell to 6%

Bond Price = pv(rate,nper,pmt,fv)

rate = 6%*1/2 = 3%

nper (no of semi annual period left to maturity) = (10-2)*2 = 16

pmt (semi annual coupon) = 10%*1000*1/2 = 50

fv (maturity value) = 1000

Bond Price = pv(3%,16,50,1000)

Bond Price = $ 1251.22

My question is... WHAT DOES THIS MEAN? => Bond price = pv(3%,16,50,1000)

I want to know HOW TO DO this operation in a normal scientific calculator. Please help me. How do I calculate the present value without excel?