a) 6.06%
b) 6.07%
c) 6.08%
d) 6.09%
Answer: d
Explanation:
$$\eqalign{
& {\text{Amount}}\,{\text{of}}\,{\text{Rs}}{\text{.}}\,{\text{100}}\,{\text{for}}\,{\text{1}}\,{\text{year}}\,{\text{when}}\, {\text{compounded}}\,{\text{half – yearly}} \cr
& = Rs.\,\left[ {100 \times {{\left( {1 + \frac{3}{{100}}} \right)}^2}} \right] \cr
& = Rs.\,106.09 \cr
& {\text{Effective}}\,{\text{rate}} = \left( {106.09 – 100} \right)\% \cr
& = 6.09\% \cr} $$
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