Neco 2019 Economics Question 11
Practice objective / multiple choice question 11 from the 2019 Neco Economics examination.
A bank offers a nominal annual interest rate of (6\%) compounded annually. A depositor places \(\text{₦}20,000\) in the bank for \(2\) years. He wants to earn at least \(\text{₦}5,000\) interest. Assuming any additional amount he deposits now will also earn the same interest under the same terms, what is the minimum additional amount (in naira) he must deposit to meet his target?
Answer Options
About This Question
This is Neco 2019 Economics Question 11. It is one of the objective questions from the 2019 Neco Economics examination.
Difficulty level: Medium .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.