Answer:
b. 10.426%
Explanation:
Using the attached formula, convert the nominal rate to effective annual rate
<em>m</em> in the formula is the number of compounding periods per year; 12/2 = 6 in this case.
APR is the nominal rate which is 10%.
Next, plug in the numbers to the formula as shown below;
EAR = ![[1+\frac{0.10}{6}]^{6} -1](https://tex.z-dn.net/?f=%5B1%2B%5Cfrac%7B0.10%7D%7B6%7D%5D%5E%7B6%7D%20-1)
EAR = 1.10426-1
EAR = 0.10426 or 10.426% as a percentage
Hence choice B is correct.
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