Neco Model Questions Vol1 2022 Commerce Question 26

An exporter produces a batch of goods at a total cost of ₦1,500,000. He intends to earn a profit of ₦300,000 after all export‑related charges. The goods will be sold abroad in a total quantity of 500 units at a uniform FOB price of \(P\) US dollars per unit. The following charges apply: - Export duty of 5 % of the FOB value, calculated in Naira at the prevailing exchange rate of ₦460 per US dollar. - Shipping insurance costing 10 % of the FOB value, payable in US dollars. - After the foreign buyer pays the total FOB amount in US dollars, the bank converts the proceeds to Naira at the same rate and deducts a commission of 2 % of the converted amount. What is the minimum FOB price per unit, \(P\), (in US dollars, correct to two decimal places) that will allow the exporter to achieve the desired profit?