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Sagot :
The semi-annual rate of interest is 5.91%.
Given that,
- The annual rate of interest is 6%.
The following formula should be used:
= (((Effective annual rate of interest + 1)^(1 ÷ number of compounding)) - 1)× number of compounding
= (((0.06 + 1)^(1 ÷ 2)) - 1)×2
= 0.0591
= 5.91%
Therefore we can conclude that the semi-annual rate of interest is 5.91%.
Learn more about the rate of interest here: brainly.com/question/13324776
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