Question

What is the effective annual rate of interest corresponding to a nominal rate of 12 % p.a., payable quarterly?​

Answer 1

Answer:

Correct Answer:

D) 8.16%

Description for Correct answer:

Rate of 8% per annum payable half-yearly. So, effective rate = 4%

Effective annual rate [% change]

4+4+4×4100 = 8.16%

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