Neco 2017 Commerce Question 48
Practice objective / multiple choice question 48 from the 2017 Neco Commerce examination.
An importer wishes to bring 10,000 units of a product whose supplier price is US$12 per unit. The official exchange rate is N380 per US$. The bank charges a commission of 2 % on the dollar amount and a foreign‑exchange surcharge of 1.5 % on the Naira amount after conversion. A customs duty of 10 % is applied on the CIF value (in Naira) and a value‑added tax of 5 % is applied on the duty‑inclusive amount. Compute the total amount in Naira that the importer must pay (rounded to the nearest N).
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About This Question
This is Neco 2017 Commerce Question 48. It is one of the objective questions from the 2017 Neco Commerce examination.
Difficulty level: Medium .
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