Neco Model Questions Vol1 2019 Civic Education Question 3
Practice objective / multiple choice question 3 from the 2019 Neco Model Questions Vol1 Civic Education examination.
An official receives a bribe of \(\text{N}500,000\). He must pay a 10% income tax on the bribe and then give 5% of the remaining amount to a middleman. There is a 2% chance each year that he will be caught, in which case he must pay a fine equal to three times the net amount he would have kept that year. Assuming the probability of being caught each year is independent and the official plans to receive the same bribe each year for 5 years, what is the expected total amount he will retain after the 5‑year period (including any possible fine)?
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About This Question
This is Neco Model Questions Vol1 2019 Civic Education Question 3. It is one of the objective questions from the 2019 Neco Model Questions Vol1 Civic Education examination.
Difficulty level: Hard .
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