The correct answer is A because the present value (PV) is calculated using the formula:

$PV = FV \times (1 + \frac{r}{m})^{-N \times m}$

Where:

• FV = \10,000,000 $ (future value)
• $r = 5\%$ (annual interest rate)
• $m = 2$ (compounding periods per year)
• $N = 15$ (number of years)

Substituting the values:

$PV = \$10,000,000 \times (1 + \frac{0.05}{2})^{-15 \times 2} = \$4,767,426.85 \approx \$4,767,427$

Alternatively, using a financial calculator in END mode:

• $N = 30$ (total compounding periods)
• $I/Y = 2.5\%$ (periodic rate)
• $PMT = 0$
• FV = \10,000,000 $
• Compute PV = \4,767,427 $.

Option B is incorrect as it uses the annual rate (5%) without adjusting for semi-annual compounding. Option C is incorrect due to a miscalculation of the compounding factor and periods.