Neco Model Questions Vol1 2018 Commerce Question 24
Practice objective / multiple choice question 24 from the 2018 Neco Model Questions Vol1 Commerce examination.
An insurance company calculates the fire‑insurance premium as follows: basic premium = \(0.5\%\) of the insured value; a loading of \(20\%\) is added to the basic premium; a government tax of \(5\%\) is applied to the sum of basic premium and loading; if the insured value exceeds \(\text{₦}5\,000\,000\) a volume discount of \(10\%\) is given on the total (including tax). Find the final premium payable for an insured value of \(\text{₦}7\,200\,000\).
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About This Question
This is Neco Model Questions Vol1 2018 Commerce Question 24. It is one of the objective questions from the 2018 Neco Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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