Answer
$6.18\%$
Work Step by Step
The effective rate of interest ($r_e$) in the continuous case, is given by the formula
$r_e=e^r-1$
where $r$ is the given annual interest rate
Use the formula above to obtain:
$r_e=e^{0.06}-1\\ r_e=1.061836547-1\\ r_e=0.061836547\\ r_e \approx 6.18\%$
