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Compound Interest

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  1. Find the effective annual rate of 4 per cent per annum compound interest paid quarterly.?
    1. 4.0604%
    2. 4.604%
    3. 5.0605%
    4. 5.605%
Correct Option: A

Effective annual rate = 100(1 + {(4/4) /100})4 - 100
= (101/100)4 x 100 - 100
= 104.0604 - 100
= 4.0604%


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