Neco Model Questions Vol1 2020 Commerce Question 21
Practice objective / multiple choice question 21 from the 2020 Neco Model Questions Vol1 Commerce examination.
A Nigerian exporter invoices a sale of $50,000. The bank first deducts a commission of 1.5% on the invoice amount, then converts the remaining dollars to Naira at the official rate of \(\text{₦}460\) per USD. After conversion, a customs duty of 5% is charged on the Naira amount, and finally a foreign‑exchange surcharge of 0.8% is applied on the amount remaining after duty. What total amount in Naira does the exporter receive after all deductions?
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About This Question
This is Neco Model Questions Vol1 2020 Commerce Question 21. It is one of the objective questions from the 2020 Neco Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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