Waec Model Questions Vol1 2018 Commerce Question 20
Practice objective / multiple choice question 20 from the 2018 Waec Model Questions Vol1 Commerce examination.
An exporter is paid under a documentary letter of credit for ₦5,000,000, which is to be drawn in US dollars at the prevailing exchange rate of ₦360 per $1. The exporter wishes to discount the L/C at a bank that charges a discount rate of 8% per annum on the dollar amount for a period of 45 days (actual/360). The bank also imposes a handling fee equal to 0.5% of the discounted dollar amount. How much in Naira will the exporter receive after discounting and fees?
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About This Question
This is Waec Model Questions Vol1 2018 Commerce Question 20. It is one of the objective questions from the 2018 Waec Model Questions Vol1 Commerce examination.
Difficulty level: Hard .
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