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An automobile financier claims to be lending money at simple interest, but he includes the interest every six months for calculating the principal. If he is charging an interest of 10%, the effective rate of interest becomes : | |
A. | 10% [Wrong Answer] |
B. | 10.25% [Correct Answer] |
C. | 10.50% [Wrong Answer] |
D. | None of these [Wrong Answer] |