The effective annual rate of interest corresponding to a nominal rate of 16% per annum payable half-yearly is?  Choose one:
A) 16.64%
B) 16.07%
C) 16.08%
D) 16.09%
E) 16.19%
Amount of Rs. 100 for 1 year when compounded half-yearly = [100 * (1 + 8/100)2] = Rs. 116.64 Effective rate = (116.64 - 100) = 116.64%   16.64%NSWER:16.64%
<result>A</result>
The effective annual rate of interest corresponding to a nominal rate of 16% per annum payable half-yearly is?