Question

The effective annual rate of interest corresponding to a nominal rate of 15% per annum payable half-yearly is

A) 15.56 percent B) 30 percent C) 31.13 percent D) 15 percent

Answer 1

Answer:

Option A is correct answer

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Answer 2

Amount of Rs. 100 for 1 year when compounded half-yearly

$=[100\times (1+\frac{7.5}{100})^{2}]=115.56$

$\therefore$Effective rate $=115.56-100=15.56\%$

The correct Option is A)

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