Gce Model Questions Vol1 2018 Commerce Question 40
Practice objective / multiple choice question 40 from the 2018 Gce Model Questions Vol1 Commerce examination.
An importer in Nigeria orders 10,000 units of a product priced at US$5 per unit. The exchange rate is \(\text{₦}750\) per US$. The supplier offers a 3% discount on the invoice price for payment within 30 days. After the discount, the importer must pay a 12% import duty on the CIF (cost, insurance, freight) value and a 5% value‑added tax (VAT) on the sum of the CIF value and the import duty. Assuming the exchange rate remains unchanged, calculate the total cost to the importer in naira (rounded to the nearest naira).
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About This Question
This is Gce Model Questions Vol1 2018 Commerce Question 40. It is one of the objective questions from the 2018 Gce Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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