A certain sum of money is lent at a 10% annual compound interest rate, payable…
2023
A certain sum of money is lent at a 10% annual compound interest rate, payable half-yearly. What is the effective annual rate of interest?
Answer: D. 10.25%
- A.
10.10%
- B.
10.16%
- C.
10.20%
- D.
10.25%
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Correct answer: D
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