Neco 2021 Civic Education Question 45
Practice objective / multiple choice question 45 from the 2021 Neco Civic Education examination.
A public official considers taking \(3\) bribes of equal amount \(B\) (in thousands of naira) each year. The probability of being caught for each bribe is \(p = 0.05 + 0.02\,(n-1)\) where \(n\) is the number of bribes taken (here \(n=3\)). If caught, the fine is \(\text{₦}500{,}000\). The expected profit per bribe is \(1000B - p\times500{,}000\). The official wants an expected annual profit of at least \(\text{₦}1{,}200{,}000\). What is the minimum integer value of \(B\) (in thousands of naira) that satisfies this condition? Round up to the nearest whole thousand.
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About This Question
This is Neco 2021 Civic Education Question 45. It is one of the objective questions from the 2021 Neco Civic Education examination.
Difficulty level: Hard .
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