Neco 2023 Islamic Religious Studies Question 17
Practice objective / multiple choice question 17 from the 2023 Neco Islamic Religious Studies examination.
A Muslim merchant purchases goods for ₦120,000 and sells them on a murabaha contract, adding a profit margin of 20\% of the purchase price. After the sale, he must pay zakat at the rate of 2.5\% on the total amount he receives from the buyer. What is the merchant's net profit after paying zakat? Express your answer in Naira.
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About This Question
This is Neco 2023 Islamic Religious Studies Question 17. It is one of the objective questions from the 2023 Neco Islamic Religious Studies examination.
Difficulty level: Medium .
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