Neco 2018 Commerce Question 47
Practice objective / multiple choice question 47 from the 2018 Neco Commerce examination.
An exporter invoices a foreign buyer for \(\$45,000\). The buyer pays in euros at an exchange rate of \(1\ \text{USD}=0.88\ \text{EUR}\). The bank converts the euros to dollars at its buying rate of \(1\ \text{USD}=0.90\ \text{EUR}\) and charges a commission of 2% on the dollar amount received. Additionally, a 5% export duty is levied on the invoice price in dollars. What is the net amount in dollars that the exporter finally receives after conversion, commission and duty?
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About This Question
This is Neco 2018 Commerce Question 47. It is one of the objective questions from the 2018 Neco Commerce examination.
Difficulty level: Medium .
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