Neco 2022 Commerce Question 22
Practice objective / multiple choice question 22 from the 2022 Neco Commerce examination.
A trader wishes to insure goods against fire. The insurer's premium is calculated as \(0.8\%\) of the insured value, plus a loading of \(25\%\) on that premium to cover administrative expenses, and a tax of \(5\%\) on the total premium (including loading). The trader wants the total premium not to exceed \(\text{₦}25,000\). What is the maximum value of goods that can be insured under this condition? Give your answer in naira, rounded down to the nearest naira.
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About This Question
This is Neco 2022 Commerce Question 22. It is one of the objective questions from the 2022 Neco Commerce examination.
Difficulty level: Medium .
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