Waec Model Questions Vol1 2017 Commerce Question 41
Practice objective / multiple choice question 41 from the 2017 Waec Model Questions Vol1 Commerce examination.
A customer deposits ₦500,000 in a savings account that offers a nominal annual interest rate of 6% compounded quarterly. A monthly maintenance fee of ₦1,200 is deducted at the beginning of each month. Assuming the fee is deducted each month and interest is credited at the end of each quarter on the balance after the three monthly deductions, what is the account balance after exactly 2 years? (Round the final answer to the nearest naira.)
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About This Question
This is Waec Model Questions Vol1 2017 Commerce Question 41. It is one of the objective questions from the 2017 Waec Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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