What simple interest rate,r,is equivalent to j₆ = 8% over 8 months? A)16.77% B)8.16% C)15.08% D)7.74%

Name: What simple interest rate,r,is equivalent to j 6 = 8% over 8 months? A)16.77% B)8.16% C)15.08% D)7.74%
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The nominal interest rate j6 = 8% means 8% per annum compounded semi-annually. To find the equivalent simple interest rate for 8 months, convert the nominal rate to an effective rate for 8 months and then to a simple rate. The effective rate for 8 months is approximately 8.16%.

What Simple Interest Rate,r,is Equivalent to J6 = 8% Over

What Simple Interest Rate,r,is Equivalent to J₆ = 8% Over