JSCE Mathematics 2024 Objective — Question 69
Question 69 of 80 from the Junior Secondary Certificate Examination (JSCE) Mathematics 2024 Objective paper, with the correct answer and a full explanation.
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What is the compound interest on ₦5,000.00 for 2 years at 5 1/2 % per annum?
- A. ₦656.13Correct
- B. ₦550.00
- C. ₦580.14
- D. ₦5650.13
Explanation
Amount = 5000(1.055)^2 = ₦5,565.13, so the interest = ₦565.13. A is the nearest printed option (digits 565.13 and 656.13 look alike).
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