Waec Model Questions Vol1 2021 Commerce Question 21
Practice objective / multiple choice question 21 from the 2021 Waec Model Questions Vol1 Commerce examination.
An insurance company offers a policy with a sum assured of ₦500,000. The base premium is calculated as a percentage r of the sum assured. The company adds a loading of 20% on the base premium, then gives a 10% early‑payment discount on the loaded premium, and finally applies a 5% policy tax on the discounted amount. If the client pays a total premium of ₦4,600, what is the base premium rate r (in %), correct to two decimal places?
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About This Question
This is Waec Model Questions Vol1 2021 Commerce Question 21. It is one of the objective questions from the 2021 Waec Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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