The effective annual rate of interest corresponding to a nominal rate of 12% per annum payable half-yearly is?  Choose the most appropriate option
A) 16.06%
B) 16.07%
C) 12.36%
D) 6.09%
E) 6.19%
Amount of Rs. 100 for 1 year when compounded half-yearly = [100 * (1 + 6/100)2] = Rs. 112.36 Effective rate = (112.36 - 100)= 
<gadget id="calculator">(112.36 - 100)</gadget>
<output>12.36</output>
12.36%   ANSWER:12.36%
<result>C</result>
The effective annual rate of interest corresponding to a nominal rate of 12% per annum payable half-yearly is?