Gce Model Questions Vol1 2022 Commerce Question 28
Practice objective / multiple choice question 28 from the 2022 Gce Model Questions Vol1 Commerce examination.
A customer can invest ₦100,000 in a fixed‑deposit account that pays simple interest at \(8\%\) per annum for 3 years. Alternatively, she can invest the same amount in an account that compounds annually at an unknown rate \(r\%\) for the same period. If she wants the compound account to yield exactly the same total interest as the simple‑interest account, what is \(r\) (to two decimal places)?
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About This Question
This is Gce Model Questions Vol1 2022 Commerce Question 28. It is one of the objective questions from the 2022 Gce Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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