Neco 2021 Commerce Question 5
Practice objective / multiple choice question 5 from the 2021 Neco Commerce examination.
A customer deposits \(\text{₦}200,000\) in a savings account that pays 6\% per annum compounded quarterly. After 2 years the bank changes the rate to 5\% per annum compounded quarterly for the next 3 years. At the end of the 5‑year period the customer withdraws the whole balance but incurs a penalty of 1\% of the balance at withdrawal. Determine the amount the customer receives after the penalty, rounded to the nearest naira.
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About This Question
This is Neco 2021 Commerce Question 5. It is one of the objective questions from the 2021 Neco Commerce examination.
Difficulty level: Medium .
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