Calculate the effective annual rate for 6.3% interest rate with semi-a – InterviewSolution

1.	Calculate the effective annual rate for 6.3% interest rate with semi-annual compounding?
Answer» option isD6.09%AMOUNT of Rs.100 for 1 year when compounded half-yearly} =Rs.[100×(1+ 1003 ) 2 ]=Rs.106.09∴ Effective RATE =(106.09−100)% =6.09%

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