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SSC Sample Paper SSC CGL - Sample Paper-30

  • 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 :

    Given that, \[r=6%\] and \[n=1\,yr\] for half yearly \[r=3%,\] \[r=3%,\text{ }n=2\] half yr. Let the principal be Rs. 100. \[\therefore \]      \[A=100{{\left( 1+\frac{3}{100} \right)}^{2}}\]             \[=100\times \frac{103}{100}\times \frac{103}{100}=106.09\] \[\therefore \] Effective annual rate of interest \[=6.09%\]


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