Neco Model Questions Vol1 2023 Commerce Question 14
Practice objective / multiple choice question 14 from the 2023 Neco Model Questions Vol1 Commerce examination.
A customer can deposit \(\text{₦}500{,}000\) in Bank X which offers 8% per annum compounded quarterly, or in Bank Y which offers 7.5% per annum compounded monthly. After 2 years, which deposit yields a higher amount? Compute the final amounts for both banks and state the bank that gives the larger return.
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About This Question
This is Neco Model Questions Vol1 2023 Commerce Question 14. It is one of the objective questions from the 2023 Neco Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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