Neco 2017 Commerce Question 36
Practice objective / multiple choice question 36 from the 2017 Neco Commerce examination.
Two savings accounts are offered. Account A: nominal annual interest rate \(6\%\) compounded monthly, with a monthly service charge of ₦200. Account B: nominal annual interest rate \(5.5\%\) compounded quarterly, no service charge. An initial deposit of ₦50,000 is made and left for 2 years. Which account gives the larger balance at the end of the period? State the account and the final balance (rounded to the nearest naira).
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About This Question
This is Neco 2017 Commerce Question 36. It is one of the objective questions from the 2017 Neco Commerce examination.
Difficulty level: Medium .
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