Gce Model Questions Vol1 2017 Commerce Question 44
Practice objective / multiple choice question 44 from the 2017 Gce Model Questions Vol1 Commerce examination.
An importer orders goods priced at €50,000. The exchange rate is €1 = \(₦460\). Freight costs amount to \(₦120,000\). An import duty of 8\% is charged on the CIF value (cost + freight). The bank handling the foreign exchange transaction charges a commission of 1.5\% on the amount of foreign currency converted. Calculate the total cost in naira incurred by the importer.
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About This Question
This is Gce Model Questions Vol1 2017 Commerce Question 44. It is one of the objective questions from the 2017 Gce Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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