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Question

The effective annual rate of interest corresponding to a nominal rate of 6% per annum payable half-yearly is:

Options:
A .  6.06%
B .  6.07%
C .  6.08%
D .  6.09%
E .  None of these
Answer: Option D
 -     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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