Waec Model Questions Vol1 2021 Commerce Question 25
Practice objective / multiple choice question 25 from the 2021 Waec Model Questions Vol1 Commerce examination.
A customer deposits ₦500,000 in a savings account that offers a nominal annual interest rate of 6 % compounded quarterly. A quarterly maintenance fee of ₦2,000 is deducted at the beginning of each quarter. If, after the interest for a quarter, the balance exceeds ₦520,000, a bonus interest of 0.5 % is credited on that quarter's ending balance. Determine the account balance after one year, rounded to the nearest Naira.
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About This Question
This is Waec Model Questions Vol1 2021 Commerce Question 25. It is one of the objective questions from the 2021 Waec Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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