Step 1 :Given that the present value (PV) is $11,700, the interest rate per period (r) is 5.6% compounded semi-annually, and the number of periods (n) is 12 years * 2 = 24.
Step 2 :We can calculate the interest rate per period (r) as follows: \(r = \frac{5.6\%}{2 \times 100} = 0.028\)
Step 3 :Substitute the values into the formula for the payment of an ordinary annuity: \(P = \frac{PV}{(1 - (1 + r)^{-n}) / r}\)
Step 4 :Substitute the values into the formula: \(P = \frac{11700}{(1 - (1 + 0.028)^{-24}) / 0.028}\)
Step 5 :Solving the equation gives: \(P = 676.0559548463494\)
Step 6 :Rounding to the nearest cent gives the final answer: \(\boxed{676.06}\)