Neco 2024 Commerce Question 41
Practice objective / multiple choice question 41 from the 2024 Neco Commerce examination.
An insurance company calculates the motor‑vehicle premium as follows: (i) a base premium equal to 5 % of the insured value; (ii) a loading of 20 % added to the base premium for high‑risk drivers; (iii) a government tax of 2.5 % applied to the premium after loading; (iv) a discount of 10 % offered if the policyholder pays the full amount within 7 days. If the final amount payable is \(\text{₦}48,000\), what is the insured value of the vehicle? Express your answer in naira to the nearest naira.
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About This Question
This is Neco 2024 Commerce Question 41. It is one of the objective questions from the 2024 Neco Commerce examination.
Difficulty level: Medium .
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