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Compound Interest Practice Test 6
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© examsnet.com
Question : 9
Total: 9
The effective rate of interest corresponding to a nominal rate of 5% per annum payable at every quarter is:
5.09%
5.5%
6.12%
4.92%
4.85%
Validate
Solution:
Let the sum of Rs 100 is compounded quarterly
⇒
100
(
1
+
5
400
)
4
=
100
×
(
81
80
)
4
=
105.09
So, effective rate is 5.09%
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