WAEC Commerce 2014 Theory — Question 32
Question 32 of 50 from the West African Examinations Council (WAEC) Commerce 2014 Theory paper, with the correct answer and a full explanation.
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A fixed deposit account is beneficial to its holders because
- A. cheques can be issued to settle huge debts
- B. customers can become shareholders of the bank
- C. it attracts higher interest rateCorrect
- D. it allows customers overdraw their accounts
Explanation
A fixed deposit account attracts a higher interest rate than a regular savings/current account.
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