Find the effective rate corresponding to the given nominal rate. (Round your answer to two decimal places.)

Question

11%/year compounded semiannually

Answer 1

make a comparison base on one year
let the effective rate be i

(1+i)^1 = (1.055^2
1+i = 1.113025
i = .113025 or 11.3025% per annum

Answer 2

I'm so lost...