Answer:
1.58
Step-by-step explanation:
The answer should be 1.58 because 12.64 divided by 8 is 1.58
(I'm going to use brackets as my absolute value bars lol)
[5 x -3]
[-15]
=15
The effective rate is calculated in the following way:

where r is the effective annual rate, i the interest rate, and n the number of compounding periods per year (for example, 12 for monthly compounding).
our compounding period is 2 since the bank pays us semiannually(two times per year) and our interest rate is 8%
so lets plug in numbers: