Neco Model Questions Vol1 2021 Commerce Question 6
Practice objective / multiple choice question 6 from the 2021 Neco Model Questions Vol1 Commerce examination.
An insurer applies a base premium rate of (2\%\) of the insured value. For high‑risk goods a loading of (25\%\) is added to the base premium, and a policy tax of (5\%\) is then levied on the premium after loading. Finally, the insurer gives a discount of (10\%\) on the total amount payable. If the trader pays a final premium of ₦11 812.50, what was the insured value of the goods?
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About This Question
This is Neco Model Questions Vol1 2021 Commerce Question 6. It is one of the objective questions from the 2021 Neco Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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