Neco 2023 Commerce Question 5
Practice objective / multiple choice question 5 from the 2023 Neco Commerce examination.
An importer purchases goods priced at \(\text{US}\$200,000\). The prevailing exchange rate is \(1\ \text{US}\$ = \text{₦}460\). Import tariff is \(15\%\) of the CIF value and insurance costs \(0.5\%\) of the CIF value. Determine the total cost in Naira that the importer must pay.
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About This Question
This is Neco 2023 Commerce Question 5. It is one of the objective questions from the 2023 Neco Commerce examination.
Difficulty level: Medium .
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