Question
Mathematics Question on Compound Interest
The effective rate equivalent to a nominal rate of 8% per annum compounded semi-annually is:
A
8.20%
B
8.24%
C
8%
D
8.16%
Answer
8.16%
Explanation
Solution
The correct option is(D):8.16%
The effective rate equivalent to a nominal rate of 8% per annum compounded semi-annually is:
8.20%
8.24%
8%
8.16%
8.16%
The correct option is(D):8.16%