Neco Model Questions Vol1 2017 Commerce Question 36
Practice objective / multiple choice question 36 from the 2017 Neco Model Questions Vol1 Commerce examination.
An exporter in Nigeria sells goods priced at \(\$150\) per unit (FOB). The export is subject to a 5 % export duty, a 2 % freight charge and a 3 % insurance cost, all calculated on the FOB price. Payment is received in dollars and converted to Naira at a bank rate of \(\text{₦}150\) per \(\$1\). The bank charges a commission of 1.5 % on the converted amount. The exporter wants a net profit of \(\text{₦}2{,}250{,}000\) after all costs and commissions. How many whole units must be exported to achieve at least this profit?
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About This Question
This is Neco Model Questions Vol1 2017 Commerce Question 36. It is one of the objective questions from the 2017 Neco Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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