Neco Model Questions Vol1 2021 Commerce Question 32
Practice objective / multiple choice question 32 from the 2021 Neco Model Questions Vol1 Commerce examination.
A depositor places ₦(200{,}000) in a bank fixed‑deposit scheme that pays (8\%\) per annum compounded semi‑annually. After one year (i.e., after two compounding periods) the depositor withdraws ₦(30{,}000), leaving the balance to remain for the second year. How much money will the depositor receive at the end of the second year? Give your answer to two decimal places.
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About This Question
This is Neco Model Questions Vol1 2021 Commerce Question 32. It is one of the objective questions from the 2021 Neco Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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