Discounting Doubt

Please explain the steps to this discounting process:

Present value of Rs1000 due in 10 years, discounted at 11%, compounded half yearly?

(Ans is 343)

How?

No. of years = 10*2=20

intt rate=11/2= 5.5%

now the 1 re. value will be discounted at 5.5% for 20 years that will give rs. 0.3247

hence according to the formula

future value =present value(1+r/100)T

1000*1/(1.055) = present value

therefore present value = 1000 * 0.3427

                                            =343 Rs ans