Post Utme Summit University 2023 Commerce Question 39

Practice objective / multiple choice question 39 from the 2023 Post Utme Summit University Commerce examination.

Post Utme Summit University 2023 Commerce Objective / Multiple Choice
Question 39 POST_UTME_SUMMIT_UNIVERSITY • 2023 • COMMERCE • objective

A bank offers a loan with an interest rate of 12% per annum compounded annually. If the principal amount is ₦5000, what is the amount after 2 years?

Answer Options

A. ₦11,600
Correct Answer B. ₦12,200
C. ₦13,600
D. ₦14,800
Correct Answer
B
Correct Option:
₦12,200

About This Question

This is Post Utme Summit University 2023 Commerce Question 39. It is one of the objective questions from the 2023 Post Utme Summit University Commerce examination.

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