- 10 Marks
QTB – May 2016 – L1 – SB – Q2a – Mathematics
This question requires calculating the compound interest rate using logarithms.
Question
A barber invests N100,000 for 5 years. At the end of the investment period, he receives a cash transfer of N120,600 as final settlement of the investment.
Required:
Use logarithm (to base 10) to determine the compound interest rate on the investment.
Find Related Questions by Tags, levels, etc.
- Tags: Business Finance, Compound Interest, Interest Rate, Investment, Logarithm
- Level: Level 1
- Topic: Mathematics
- Series: MAY 2016