Neco 2021 Commerce Question 1

Practice objective / multiple choice question 1 from the 2021 Neco Commerce examination.

Neco 2021 Commerce Objective / Multiple Choice Medium Difficulty
Question 1 NECO • 2021 • COMMERCE • objective

Three partners A, B and C invest capital for different periods and receive monthly salaries. Partner A invests \(\text{₦}120,000\) for 6 months and receives a salary of \(\text{₦}5,000\) per month. Partner B invests \(\text{₦}80,000\) for 9 months and receives a salary of \(\text{₦}4,000\) per month. Partner C invests \(\text{₦}100,000\) for 12 months and receives a salary of \(\text{₦}3,000\) per month. After paying all salaries, the partnership reports a net profit of \(\text{₦}210,000\). Assuming profit is shared in proportion to each partner's capital multiplied by the time (in months) the capital was employed, what is the amount of profit that Partner C receives? Express your answer in naira to the nearest naira.

Answer Options

Correct Answer A. ₦95,455
B. ₦93,333
C. ₦70,000
D. ₦95,454
Correct Answer
A
Correct Option:
₦95,455

About This Question

This is Neco 2021 Commerce Question 1. It is one of the objective questions from the 2021 Neco Commerce examination.

Difficulty level: Medium .

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