Gce Model Questions Vol1 2022 Commerce Question 3
Practice objective / multiple choice question 3 from the 2022 Gce Model Questions Vol1 Commerce examination.
An insurance company calculates the annual premium as 5\% of the sum insured plus a fixed administration fee of \(\text{₦}2,000\). If the sum insured exceeds \(\text{₦}200,000\), the percentage part receives a 10\% discount. The client wants the premium not to exceed \(\text{₦}20,000\). What is the maximum sum insured the client can obtain?
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About This Question
This is Gce Model Questions Vol1 2022 Commerce Question 3. It is one of the objective questions from the 2022 Gce Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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