CUET Preparation Today
The effective annual rate of interest corresponding to a C.I. rate of 16% per annum payable half yearly is? |
16.64% 20.90% 16.24% 18.35% |
16.64% |
Effective Rate = X% + Y% + \(\frac{XY}{100}\)% = 8% +8% + \(\frac{8×8}{100}\)% = 16% + 0.64% = 16.64% |
