Waec Model Questions Vol1 2024 Commerce Question 33
Practice objective / multiple choice question 33 from the 2024 Waec Model Questions Vol1 Commerce examination.
A customer wishes to receive ₦200,000 at the end of each year for 5 years from a bank deposit that pays 10% nominal interest compounded quarterly. The bank also deducts a one‑time account opening fee of ₦5,000 from the deposit. What minimum amount must be deposited now to meet the customer's requirement?
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About This Question
This is Waec Model Questions Vol1 2024 Commerce Question 33. It is one of the objective questions from the 2024 Waec Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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