Neco 2022 Commerce Question 42
Practice objective / multiple choice question 42 from the 2022 Neco Commerce examination.
A trader imports 500 units of a product. The invoice price is \(\$12\) per unit and freight is \(\$0.80\) per unit. The exchange rate is \(\text{₦}410\) per \(\$1\). Customs duty is 12\% of the CIF value and a surcharge of 5\% is charged on the duty. The trader wants a profit margin of 18\% on the total landed cost. After a 3\% devaluation the exchange rate becomes \(\text{₦}422\) per \(\$1\). What should be the new selling price per unit in Naira to keep the same profit margin?
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About This Question
This is Neco 2022 Commerce Question 42. It is one of the objective questions from the 2022 Neco Commerce examination.
Difficulty level: Medium .
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