Neco 2023 Commerce Question 21
Practice objective / multiple choice question 21 from the 2023 Neco Commerce examination.
An individual deposits \(P = 500{,}000\) naira in a savings account that pays a nominal annual interest rate \(i\)% compounded quarterly. The bank deducts a maintenance fee of \(F = 2{,}000\) naira at the end of each quarter. After 2 years (8 quarters) the balance is \(B = 560{,}000\) naira. Determine the nominal annual interest rate \(i\) (to two decimal places).
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About This Question
This is Neco 2023 Commerce Question 21. It is one of the objective questions from the 2023 Neco Commerce examination.
Difficulty level: Medium .
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