Neco 2021 Commerce Question 14

Practice objective / multiple choice question 14 from the 2021 Neco Commerce examination.

Neco 2021 Commerce Objective / Multiple Choice Medium Difficulty
Question 14 NECO • 2021 • COMMERCE • objective

A customer deposits ₦500,000 in a bank account that offers a nominal interest rate of \(12\%\) per annum, compounded quarterly. After \(18\) months the customer withdraws half of the balance and incurs a penalty of \(2\%\) on the withdrawn amount. The remaining balance continues to earn interest at the same rate for another \(1.5\) years. Calculate the total amount the customer receives at the final withdrawal (including the amount received after the penalty and the balance after the second interest period).

Answer Options

Correct Answer A. Total amount received ≈ ₦648,983.03
B. Total amount received ≈ ₦660,120.78
C. Total amount received ≈ ₦642,500.00
D. Total amount received ≈ ₦635,210.45
Correct Answer
A
Correct Option:
Total amount received ≈ ₦648,983.03

About This Question

This is Neco 2021 Commerce Question 14. It is one of the objective questions from the 2021 Neco Commerce examination.

Difficulty level: Medium .

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