Neco 2024 Commerce Question 6
Practice objective / multiple choice question 6 from the 2024 Neco Commerce examination.
A motor insurance company calculates its gross premium as follows: starting from the base premium, a \(12\%\) loading for administrative expenses is added, then a \(5\%\) commission is deducted for the agent, and finally a \(2.5\%\) tax is added on the amount after commission. The net premium received by the company is ₦150,000. Find the base premium (in naira).
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About This Question
This is Neco 2024 Commerce Question 6. It is one of the objective questions from the 2024 Neco Commerce examination.
Difficulty level: Medium .
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