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The Effective Annual Rate Of Interest Corresponding To A Nominal Rate Of 6% Per Annum Payable Half-yearly Is? |
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Answer»
when COMPOUNDED half-yearly = Rs.[100*(1+3/100)^2]=Rs.106.09 EFFECTIVE rate=(106.09-100)%=6.09%. Amount of Rs. 100 for 1 year when compounded half-yearly = Rs.[100*(1+3/100)^2]=Rs.106.09 Effective rate=(106.09-100)%=6.09%. |
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