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SSC Sample Paper Mock Test-18 SSC CGL Tear-II Paper-1

  • question_answer
    The effective annual rate of interest, corresponding to a nominal rate of 6% per annum payable half yearly, is   

    A)                                  6.06%

    B)  6.07%         

    C)  6.08%

    D)  6.09% 

    Correct Answer: D

    Solution :

    Let the sum be Rs. 100 For initial six months. Interest \[=100\times \frac{6}{100}\times \frac{6}{12}=3\] Now, sum \[=100+3\] = Rs. 103 For another six months, Interest\[=103\times \frac{6}{100}\times \frac{6}{12}=3.09\] \[\therefore \] Rate of interest \[=3+3.09=6.09%\]


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