The effective rate per annum equivalent to a nominal rate of 8% compounded semi-annually is

8.16%

The correct answer is Option (3) → 8.16% **

Nominal rate = 8% per annum compounded semi-annually.

Semi-annual rate = $\displaystyle \frac{8}{2} = 4\% = 0.04$

Effective annual rate:

$\displaystyle (1+0.04)^2 - 1$

$= 1.0816 - 1$

$= 0.0816$

Effective rate = 8.16% per annum