Neco 2019 Commerce Question 29
Practice objective / multiple choice question 29 from the 2019 Neco Commerce examination.
Under the Consumer Protection Act, a consumer who is misled by a false statement may claim a refund equal to the present value of the extra cost caused by the misrepresentation.\nA washing machine was advertised as consuming only \(0.8\) kWh per cycle. Tests show the actual consumption is \(1.2\) kWh per cycle. The consumer paid \(\text{₦}120,000\). The machine is expected to be used for 5 years, 300 cycles each year. Electricity costs \(\text{₦}45\) per kWh and the discount rate is 10% per annum.\nCalculate the refund amount the consumer is entitled to, rounding to the nearest naira.
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About This Question
This is Neco 2019 Commerce Question 29. It is one of the objective questions from the 2019 Neco Commerce examination.
Difficulty level: Hard .
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