Waec Model Questions Vol1 2021 Commerce Question 46
Practice objective / multiple choice question 46 from the 2021 Waec Model Questions Vol1 Commerce examination.
A company draws a 90‑day bill of exchange with a face value of ₦1,000,000. The bank discounts the bill at 12% per annum (using a 360‑day year) and also charges a commission of 2% on the proceeds. (i) Determine the net amount the company receives after discount and commission. (ii) Compute the effective annual rate of discount based on the net amount received.
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About This Question
This is Waec Model Questions Vol1 2021 Commerce Question 46. It is one of the objective questions from the 2021 Waec Model Questions Vol1 Commerce examination.
Difficulty level: Hard .
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