Multiple Choice Questions on The effective annual rate of interest corresponding to a nominal rate of 6 per annum payable half ye........... for Mathematics - All Exams Preparation

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Multiple Choice Questions

The effective annual rate of interest corresponding to a nominal rate of 6 per annum payable half ye...........

Quantitative Aptitude ( CCS) Compound Interest
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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%

    Incorrect Answer

    6.69%

    Incorrect Answer

    6.09%

    Correct Answer

    6.69%

    Incorrect Answer
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    Explanation:

    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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