BECE Mathematics 2023 Objective — Question 22
Question 22 of 120 from the Basic Education Certificate Examination (Junior WAEC) (BECE) Mathematics 2023 Objective paper, with the correct answer and a full explanation.
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A trader borrows ₦200,000 at a compound interest of 3% per annum. How much does he pay back after 2 years?
- A. ₦12,180.00
- B. ₦121,180.00
- C. ₦206,000.00
- D. ₦206,180.00
- E. ₦212,180.00Correct
Explanation
A = 200,000 × (1.03)² = 200,000 × 1.0609 = ₦212,180.
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