Waec Model Questions Vol1 2024 Commerce Question 29
Practice objective / multiple choice question 29 from the 2024 Waec Model Questions Vol1 Commerce examination.
A machine is insured for ₦12,000,000. Policy X charges a pure premium of 0.8% of the insured value, adds a loading of 25% of the pure premium, and a tax of 5% on the total premium. Policy Y charges a pure premium of 0.6% of the insured value, adds a loading of 30% of the pure premium, and a tax of 7% on the total premium. Which policy results in a lower final premium and what is that premium?
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About This Question
This is Waec Model Questions Vol1 2024 Commerce Question 29. It is one of the objective questions from the 2024 Waec Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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