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Compound Interest

Q1: The effective annual rate of interest corresponding to a nominal rate of 6% per annum payable half-yearly is:

A 6.06%

B 6.07%

C 6.08%

D 6.09%

ANS:D - 6.09%

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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