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Compound Interest
The effective annual rate of interest corresponding to a nominal rate of 6% per annum payable half-yearly is:
6.06%
6.07%
6.08%
6.09%
Show Answer
Correct Answer:
6.09%
Explanation:
Amount of Rs. 100 for 1 year
when compounded half-yearly
]
= Rs.
[
100 x
❨
1 +
3
❩
2
]
= Rs. 106.09
100
∴ Effective rate = (106.09 - 100)% = 6.09%
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