Neco Model Questions Vol1 2018 Commerce Question 27
Practice objective / multiple choice question 27 from the 2018 Neco Model Questions Vol1 Commerce examination.
A customer deposits \(\text{₦}50,000\) in a bank that offers a nominal interest rate of 8\% per annum compounded quarterly. After 2 years the bank changes the nominal rate to 9\% per annum compounded semi‑annually for the next 3 years. Find the total amount in the account at the end of the 5‑year period.
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About This Question
This is Neco Model Questions Vol1 2018 Commerce Question 27. It is one of the objective questions from the 2018 Neco Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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