Waec Model Questions Vol1 2023 Commerce Question 12
Practice objective / multiple choice question 12 from the 2023 Waec Model Questions Vol1 Commerce examination.
A bank offers a 6‑month fixed deposit at a nominal rate of 8 % per annum compounded quarterly. Another bank offers a 6‑month term deposit at simple interest of 7.8 % per annum. If a person deposits ₦50,000 in either bank, which bank will give the larger amount at maturity and what is that amount?
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About This Question
This is Waec Model Questions Vol1 2023 Commerce Question 12. It is one of the objective questions from the 2023 Waec Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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