The value of the function $f(x) = 2^{x-0.5}$ for $x = 3$ is approximately 5.657.
The base of the exponential function is given as $a = 2$ and the horizontal shift is $b = 0.5$.
For a given value of $x = 4$, we substitute it into the function to get $f(x) = 2^{x-0.5} = 2^{3.5}$.
Using the simplified expression, the value of the function is $f(x) = 11.314$ when rounded to 5 decimal places.
The value of the function $f(x) = 2^{x-0.5}$ for $x = 4$ is approximately 11.314.