Neco Model Questions Vol1 2024 Commerce Question 6
Practice objective / multiple choice question 6 from the 2024 Neco Model Questions Vol1 Commerce examination.
A customer deposits ₦500,000 in a bank account that offers a nominal interest rate of \(8\%\) per annum compounded quarterly. After exactly 2 years the bank deducts a maintenance fee equal to \(1.5\%\) of the balance at the start of the third year. The remaining balance is then transferred to a different scheme that pays an effective annual interest rate of \(6\%\) for the next 3 years. What is the total amount in the account at the end of the 5‑year period? Give your answer in Naira, rounded to two decimal places.
Answer Options
About This Question
This is Neco Model Questions Vol1 2024 Commerce Question 6. It is one of the objective questions from the 2024 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.