Neco Model Questions Vol1 2024 Commerce Question 50
Practice objective / multiple choice question 50 from the 2024 Neco Model Questions Vol1 Commerce examination.
An importer plans to bring in 10,000 units of a product. The FOB price is €12 per unit. Freight costs €1.5 per unit and insurance is charged at 0.5 % of the total CIF value. The basic import duty is 8 % of the CIF value, a surcharge of 2 % is applied on the duty amount, and a preferential tariff reduction waives 3 % of the basic duty. The exchange rate at payment time is €1 = \(\text{₦}950\), but the bank adds a conversion fee of 1.2 % on the Naira amount. Calculate the total Naira cost incurred by the importer.
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About This Question
This is Neco Model Questions Vol1 2024 Commerce Question 50. It is one of the objective questions from the 2024 Neco Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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