Waec Model Questions Vol1 2017 Commerce Question 12
Practice objective / multiple choice question 12 from the 2017 Waec Model Questions Vol1 Commerce examination.
An importer is issued a documentary Letter of Credit for €200,000, payable at sight. The LC requires the exporter to ship two consignments: the first 60% of the goods within 30 days and the remaining 40% within 60 days. The exchange rate at the time of the first shipment is €1 = ₦480, and at the time of the second shipment it is €1 = ₦495. The bank charges a handling fee of 0.5% of the amount drawn for each shipment. What total amount in Naira must the importer pay for both shipments combined?
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About This Question
This is Waec Model Questions Vol1 2017 Commerce Question 12. It is one of the objective questions from the 2017 Waec Model Questions Vol1 Commerce examination.
Difficulty level: Hard .
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