Neco Model Questions Vol1 2019 Commerce Question 11
Practice objective / multiple choice question 11 from the 2019 Neco Model Questions Vol1 Commerce examination.
An exporter in Nigeria purchases goods costing US$12,000. Freight charges are US$800. The prevailing exchange rate is ₦410 per US$. Export duty of \(5\%\) is levied on the CIF (cost, insurance and freight) value in Naira. The bank charges a commission of \(2\%\) on the amount converted. The exporter wishes to earn a profit of \(15\%\) on the total cost (including duty and commission). What selling price in Naira must be quoted to achieve this profit?
Answer Options
About This Question
This is Neco Model Questions Vol1 2019 Commerce Question 11. It is one of the objective questions from the 2019 Neco Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.