The effective annual rate of interest corresponding to a nominal rate of 6% per annum payable half-yearly is:  Choose the correct choice from the following options.
A) 6.06%  B) 6.07%  C) 6.08%  D) 6.09%  E) 6.10%
Explanation:   Amount of Rs. 100 for 1 year = Rs.[100 x (1 + 3/100)2]=Rs. 106.09   when compounded half-yearly   Effective rate = (106.09 - 100)= 
<gadget id="calculator">(106.09 - 100)</gadget>
<output>6.09</output>
6.09%   ANSWER IS 6.09%
<result>D</result>
The effective annual rate of interest corresponding to a nominal rate of 6% per annum payable half-yearly is: