Neco 2024 Commerce Question 25
Practice objective / multiple choice question 25 from the 2024 Neco Commerce examination.
A customer deposits \(\text{₦}500,000\) in a savings account that offers a nominal annual interest rate of 6 % compounded quarterly. The bank deducts a monthly maintenance fee of \(\text{₦}1,200\) at the beginning of each month. What is the account balance after exactly 2 years? Give your answer rounded to two decimal places.
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About This Question
This is Neco 2024 Commerce Question 25. It is one of the objective questions from the 2024 Neco Commerce examination.
Difficulty level: Medium .
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