Neco 2019 Commerce Question 1
Practice objective / multiple choice question 1 from the 2019 Neco Commerce examination.
An insurance company calculates the premium for a motor policy as follows: the base premium is (2\%) of the sum insured; a loading of (25\%) is added for high‑risk areas; a tax of (5\%) is then applied on the loaded premium; finally a discount of (10\%) is given to a loyal customer. If the customer pays ₦48,000, what is the sum insured (in naira)?
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About This Question
This is Neco 2019 Commerce Question 1. It is one of the objective questions from the 2019 Neco Commerce examination.
Difficulty level: Medium .
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