Answer
$6.184 \% $
Work Step by Step
Recall:
Effective Rate of Interest Formula for Continuous Compounding
$$r_e = e^r-1$$
where
$r_e:$ Effective Rate of Interest
$r:$ Annual Interest Rate
The given problem has:
$r=0.06$
Thus, using the formula above gives:
$r_e = e^{0.06}-1$
$r_e \approx 0.06184$
$r_e \approx 6.184 \% $
