Question: Given 12% per year compounded half yearly what is an equivalent effective biyearly (every two years) rate? a) 6% b) 24.72% c) 25.44% d) 26.25

Given 12% per year compounded half yearly what is an equivalent effective biyearly (every two years) rate? a) 6% b) 24.72% c) 25.44% d) 26.25 e) 57.35%

answer is 24.72 would like to know how you get that

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