Neco 2020 Commerce Question 34
Practice objective / multiple choice question 34 from the 2020 Neco Commerce examination.
An importer plans to bring 10 000 units of a product into Nigeria. The FOB price is \(\$4\) per unit, but the supplier gives a 3 % discount because the order exceeds 8 000 units. The exchange rate is \(\₦460\) per US dollar. Freight charges are \(\$0.5\) per unit and insurance is 1 % of the FOB total. An ad valorem tariff of 5 % is levied on the CIF value, and a surcharge of 2 % is applied on the total cost (including tariff).\n\nCalculate the total amount in Naira the importer must pay, rounded to the nearest thousand Naira.
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About This Question
This is Neco 2020 Commerce Question 34. It is one of the objective questions from the 2020 Neco Commerce examination.
Difficulty level: Medium .
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