Neco 2022 Commerce Question 32
Practice objective / multiple choice question 32 from the 2022 Neco Commerce examination.
A customer deposits \u20A2 500,000 in a bank account that pays \(6\%\) per annum compounded quarterly. After one year the customer withdraws \u20A2 100,000. The remaining balance then earns \(5\%\) per annum compounded monthly for the next two years. What is the balance at the end of the three‑year period (rounded to the nearest naira)?
Answer Options
About This Question
This is Neco 2022 Commerce Question 32. It is one of the objective questions from the 2022 Neco Commerce 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.