Neco 2024 Commerce Question 26
Practice objective / multiple choice question 26 from the 2024 Neco Commerce examination.
An insurance company applies a loading of 12% on the gross premium, then a tax of 5% on the loaded amount, and finally pays a commission of 8% of the amount after tax to the agent. If the net premium retained by the company is exactly \(100{,}000\) Naira, what was the original gross premium (in Naira) before any loading? Round to the nearest Naira.
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About This Question
This is Neco 2024 Commerce Question 26. It is one of the objective questions from the 2024 Neco Commerce examination.
Difficulty level: Medium .
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