Waec Model Questions Vol1 2022 Commerce Question 11
Practice objective / multiple choice question 11 from the 2022 Waec Model Questions Vol1 Commerce examination.
A life insurance company offers a policy with a sum assured of ₦500,000. The net premium is calculated at 0.8% of the sum assured per annum. The company adds a loading of 15% on the net premium to cover expenses and profit. If a policyholder pays the premium annually in advance and receives a 10% discount on the gross premium (net premium plus loading), and a tax of 5% is then applied to the discounted premium, how much does the policyholder actually pay each year?
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About This Question
This is Waec Model Questions Vol1 2022 Commerce Question 11. It is one of the objective questions from the 2022 Waec Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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