Mathematics · Interest Calculations
If the nominal rate of interest is 10% per annum and compounding is done quarterly, the effective rate of interest per annum will be closest to which of the following?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 110.50%
- 210.25%
- 310.10%
- 410.38%✓
Correct answer
10.38%
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