An insurance company charges a premium rate of 2% on a consignment valued at ₦4,500,000. If the insured adds a 10% mark-up to cover additional expenses before computing the insurable value, what is the total insurance premium paid?

The insurable value is computed by adding 10% to the consignment value: ₦4,500,000 × 1.10 = ₦4,950,000. The premium is then 2% of ₦4,950,000 = ₦99,000. Option A ignores the mark-up, option B applies 2% to ₦4,725,000 (a common error), and option D uses an incorrect base.