Neco Model Questions Vol1 2017 Commerce Question 19
Practice objective / multiple choice question 19 from the 2017 Neco Model Questions Vol1 Commerce examination.
A customer deposits \(200,000\) naira in a savings account that pays a nominal interest rate of \(6\%\) per annum, compounded quarterly. After 2 years the amount is withdrawn and reinvested in another account that offers a nominal rate of \(5.5\%\) per annum, compounded monthly, for a further 3 years. What is the total amount the customer will have at the end of the 5‑year period?
Answer Options
About This Question
This is Neco Model Questions Vol1 2017 Commerce Question 19. It is one of the objective questions from the 2017 Neco Model Questions Vol1 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.