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The effective annual rate of interest corresponding to a nominal rate of 6% per annum payable half-yearly is
7.09%
6.69%
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%
Hence, otpion 3 is the correct answer.
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