CUET Preparation Today
The effective annual rate of interest, corresponding to a nominal rate of 6% per annum, compounded half-yearly, is: |
0.0608 0.0609 0.0606 0.0607 |
0.0609 |
Interest is compounded half - yearly , Rate of interest = \(\frac{6}{2}\)% = 3% Effective annual rate = 3% + 3% + \(\frac{ 3 × 3 }{100}\)% = 6.09% = 0.0609 |
