First, calculate for the effective interest.
ieff = (1 + i/m)^m - 1
Substituting the known values,
ieff = (1 + 0.05/2)^2 - 1
ieff = 0.050625
Then, using the equation,
F = P x (1 + ieff)^n
Substituting,
14,000 = P x (1 + 0.050625)^3
The value of P from the equation is 12072.15612
Answer: $12,072.16
