Neco 2022 Commerce Question 10

Practice objective / multiple choice question 10 from the 2022 Neco Commerce examination.

Neco 2022 Commerce Objective / Multiple Choice Easy Difficulty
Question 10 NECO • 2022 • COMMERCE • objective

A trader buys 5,000 US dollars at an exchange rate of \(\text{₦}460\) per dollar and pays a commission of 1.5% on the naira amount. He later sells the dollars at \(\text{₦}475\) per dollar with no commission. Determine the trader's profit or loss in naira.

Answer Options

A. Profit of ₦39,375
Correct Answer B. Profit of ₦40,500
C. Profit of ₦75,000
D. Loss of ₦110,625
Correct Answer
B
Correct Option:
Profit of ₦40,500

About This Question

This is Neco 2022 Commerce Question 10. It is one of the objective questions from the 2022 Neco Commerce examination.

Difficulty level: Easy .

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