Neco 2025 Data Processing Question 23
Practice objective / multiple choice question 23 from the 2025 Neco Data Processing examination.
A small business invests \(\text{₦}500,000\) in a fixed‑deposit account that compounds interest annually. After 3\,years the amount has grown to \(\text{₦}632,000\). The business is considering an alternative monthly savings plan that pays a nominal annual interest rate of 5\% compounded monthly. What monthly deposit (to the nearest naira) must be made for 36\,months to obtain at least the same final amount of \(\text{₦}632,000\)?
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About This Question
This is Neco 2025 Data Processing Question 23. It is one of the objective questions from the 2025 Neco Data Processing examination.
Difficulty level: Hard .
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