Question:
The effective annual rate of interest corresponding to a nominal rate of 8\(\%\) per annum payable half yearly is
The effective annual rate of interest corresponding to a nominal rate of 8\(\%\) per annum payable half yearly is
Updated On: Oct 10, 2024
- 8\(\%\)
- 8.01\(\%\)
- 8.13\(\%\)
- 8.16\(\%\)
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The Correct Option is D
Solution and Explanation
8\(\%\) per annum payable half yearly,
So effective rate = 4\(\%\)
Effective annual rate = 4 \(+\) 4 \(+\)\(\frac{4×4}{100}\) = 8.16\(\%\)
So the correct option is (D)
So effective rate = 4\(\%\)
Effective annual rate = 4 \(+\) 4 \(+\)\(\frac{4×4}{100}\) = 8.16\(\%\)
So the correct option is (D)
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