Question

find the nominal rate of interest when interest is payable half yearly which is equivalent to the effective rate of 6.14% per annum​

Answer 1

Answer:

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Answer 2

Solution :-

Let us assume that,

• The nominal rate of interest = 2x % .
• Principal = Rs.100 .

so,

→ Amount after 1 year = 100 + 6.14% of 100 = Rs.106.14 .

we know that, when rate is payable half yearly,

• Rate becomes half .
• Time doubles .

then,

→ 106.14 = 100[1 + (x/100)]²

→ 10614/10000 = [1 + (x/100)]²

→ (103.02/100)² = [1 + (x/100)]²

→ 103.02/100 = 1 + (x/100)

→ 103.02/100 - 1 = x/100

→ 3.02/100 = x/100

→ x = 3.02 %.

hence,

→ The nominal rate of interest = 2x = 2 * 3.02 = 6.04% (Ans.)

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