Neco 2021 Islamic Religious Studies Question 16

A Muslim investor holds \(2.5\) Bitcoin, each valued at \(\text{₦}3,200,000\), and has cash savings of \(\text{₦}12,000,000\). The investor also owes a debt of \(\text{₦}5,000,000\) that is due within the next year. The nisab for zakat is equivalent to 85 g of gold, valued at \(\text{₦}45,000,000\). Zakat is due at \(2.5\%\) on net zakatable assets (total assets minus immediate debts).\n\n(a) Determine whether the investor is obligated to pay zakat.\n(b) If zakat is obligatory, calculate the exact zakat amount (in naira, rounded to the nearest thousand).\n(c) After paying zakat, the investor wishes to allocate \(30\%\) of the remaining wealth to a charitable project that requires a minimum of \(\text{₦}10,000,000\). State whether the remaining wealth meets this requirement, and if not, specify the additional amount needed.