Gce Model Questions Vol1 2023 Commerce Question 11
Practice objective / multiple choice question 11 from the 2023 Gce Model Questions Vol1 Commerce examination.
An insurance company calculates the motor‑vehicle premium as follows: (i) (5\%\) of the insured value is the base premium; (ii) a loading of (20\%\) is added for high‑risk drivers; (iii) a government tax of (8\%\) is applied on the loaded premium; (iv) an early‑payment discount of (5\%\) is given on the total after tax. If the final premium paid by a customer is \(\text{₦}48\,000\), what is the insured value of the vehicle (in naira, rounded to the nearest naira)?
Answer Options
About This Question
This is Gce Model Questions Vol1 2023 Commerce Question 11. It is one of the objective questions from the 2023 Gce Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.