Post Utme Mountain Top University 2024 Commerce Question 8

Practice objective / multiple choice question 8 from the 2024 Post Utme Mountain Top University Commerce examination.

Post Utme Mountain Top University 2024 Commerce Objective / Multiple Choice
Question 8 POST_UTME_MOUNTAIN_TOP_UNIVERSITY • 2024 • COMMERCE • objective

A bank offers a 5-year fixed deposit account with a 10% annual interest rate. If the initial deposit is ₦100,000, how much will the account balance be after 5 years?

Answer Options

Correct Answer A. ₦163,918.19
B. ₦165,000.00
C. ₦167,000.00
D. ₦170,000.00
Correct Answer
A
Correct Option:
₦163,918.19

About This Question

This is Post Utme Mountain Top University 2024 Commerce Question 8. It is one of the objective questions from the 2024 Post Utme Mountain Top University Commerce examination.

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