Query to fetch rows with matching values for just few columns column as a single row

Hello,
I have a table with rows having same id and code value, but different Effective date.

Id         Code          EffectiveDate     cost
1          basic          01-jan-2010        5.00
1          basic          06-feb-2011        5.00
1          exclusive    09-aug-2012        15.00

Select allOpen in new window

My query needs to return only 2 rows, one for 1 basic, and another for 1 exclusive.
Result should be like:

Id            Code                 cost
1              Basic                5.00
1              Exclusive          15.00

Select allOpen in new window

DISTINCT would not work as the Effective date is different between the two records with Id=1 and Code = 'Basic'.

Thanks!