Neco 2020 Commerce Question 15
Practice objective / multiple choice question 15 from the 2020 Neco Commerce examination.
A savings account pays \(5\%\) annual interest compounded monthly with no monthly fee. A second account charges a fixed monthly maintenance fee of ₦500 and pays \(6\%\) annual interest compounded monthly. Assuming a customer deposits a lump sum and makes no withdrawals, what is the smallest deposit amount (in naira) for which the second account yields a higher balance after one year than the first account?
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About This Question
This is Neco 2020 Commerce Question 15. It is one of the objective questions from the 2020 Neco Commerce examination.
Difficulty level: Medium .
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