Neco Model Questions Vol1 2017 Commerce Question 48
Practice objective / multiple choice question 48 from the 2017 Neco Model Questions Vol1 Commerce examination.
An insurance company offers a fire‑insurance policy. The pure premium is \(0.8\%\) of the sum insured. The company adds a loading of \(30\%\) to cover expenses and profit, then applies a government tax of \(5\%\) on the loaded premium. Finally, a discount of \(10\%\) is given to customers who pay the premium annually in advance. If the sum insured is ₦5,000,000, what is the annual premium payable after all adjustments?
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About This Question
This is Neco Model Questions Vol1 2017 Commerce Question 48. It is one of the objective questions from the 2017 Neco Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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