A certain amount is given at 16% compound interest, which is compounded quarterly. What will be the effective rate of interest per year (correct to two decimal places)?

A certain amount is given at 16% compound interest, which is compounde

1.	A certain amount is given at 16% compound interest, which is compounded quarterly. What will be the effective rate of interest per year (correct to two decimal places)?
A.	16.99%
B.	16.72%
C.	16.56%
D.	16.52%
Answer» B. 16.72%

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A certain amount is given at 16% compound interest, which is compounded quarterly. What will be the effective rate of interest per year (correct to two decimal places)?

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