Problem: the effective annual rate of interest corresponding to a nominal rate of 14 % per annum payable half - yearly is ?
Rationale: "amount of rs . 100 for 1 year when compounded half - yearly = [ 100 * ( 1 + 7 / 100 ) 2 ] = rs . 14.49 effective rate = ( 114.49 - 100 ) = 14.49 % answer : d"
annotated_formula: add(add(divide(14, const_2), divide(14, const_2)), divide(multiply(divide(14, const_2), divide(14, const_2)), const_100))