The annual premium for Ali's policy is Rs. 23,750. This is calculated by adding the annual premium (4.5% of Rs. 500,000, which is Rs. 22,500) and the policy fee (0.25% of Rs. 500,000, which is Rs. 1,250).
Ali got a life insurance policy of Rs. 500,000. Rate of annual premium at 4.5% of the total amount of the policy whereas the policy fee is at the rate of 0.25%. Find the annual premium of the policy?
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Question context
This question is part of 📏 Arithmetic Aptitude within the broader 🧠 Aptitude Mastery subject and appears in the PPSC Punjab Public Service Commission preparation collection. Reviewing the answer together with nearby questions helps reinforce the underlying concept and identify how it may appear in competitive exams.