The effective annual rate of interest corresponding to a nominal rate of 16% per annum payable half-yearly is?  Choose the correct choice from the following choices:
A) 16.64 %  B) 16.07 %  C) 16.08 %  D) 16.09 %  E) 16.19 %

Rationale: "amount of rs . 100 for 1 year when compounded half - yearly = [ 100 * ( 1 + 8 / 100 ) 2 ] = rs . 116.64 effective rate = ( 116.64 - 100 ) = 116.64 % answer : a"
Answer: A