Neco 2024 Commerce Question 22
Practice objective / multiple choice question 22 from the 2024 Neco Commerce examination.
An exporter receives a payment of US$800,000 for goods sold. The bank deducts a commission of 0.4 % on the amount in dollars before converting the remainder to Naira at the spot rate of \(\text{₦}455\) per US$. After conversion, the government imposes an export tax of 4 % on the Naira proceeds. Determine the net amount the exporter receives in Naira, rounded to the nearest kobo.
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About This Question
This is Neco 2024 Commerce Question 22. It is one of the objective questions from the 2024 Neco Commerce examination.
Difficulty level: Medium .
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