Neco 2020 Commerce Question 24
Practice objective / multiple choice question 24 from the 2020 Neco Commerce examination.
An importer buys 5{,}000 kg of cocoa beans at \(US$2.40\) per kg. The exchange rate is \(\mathrm{₦}410\) per US$. The shipment is subject to a 15\% ad valorem tariff on the customs value (in Naira) and a 2\% surcharge on the tariff amount. After calculating the duty, the importer receives a 5\% discount on the total duty (tariff plus surcharge). What is the total amount in Naira the importer must pay, including the purchase cost and the discounted duty?
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About This Question
This is Neco 2020 Commerce Question 24. It is one of the objective questions from the 2020 Neco Commerce examination.
Difficulty level: Medium .
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