Neco 2024 Data Processing Question 43
Practice objective / multiple choice question 43 from the 2024 Neco Data Processing examination.
A student plans to buy a laptop costing \(\text{₦}150,000\) after 12 months. He will deposit a fixed amount each month into a bank account that offers 5\% annual interest compounded monthly. Using the future‑value of an ordinary annuity formula, determine the minimum monthly deposit (in naira, rounded to the nearest ten) required to reach the target amount.
Answer Options
About This Question
This is Neco 2024 Data Processing Question 43. It is one of the objective questions from the 2024 Neco Data Processing examination.
Difficulty level: Hard .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.