Neco Model Questions Vol1 2025 Commerce Question 1
Practice objective / multiple choice question 1 from the 2025 Neco Model Questions Vol1 Commerce examination.
A Nigerian exporter receives a foreign payment of \(\$50{,}000\). The following deductions apply: export duty of 5% of the invoice value, freight cost of \(\$2{,}000\), insurance of 1% of the invoice value, and a bank commission of 2% on the amount remaining after the previous deductions. The prevailing exchange rate is \(\text{₦}750\) per US\$1, but the bank applies a spread of 3% on this rate. What is the net amount in Naira that the exporter will receive after all deductions and the exchange conversion?
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About This Question
This is Neco Model Questions Vol1 2025 Commerce Question 1. It is one of the objective questions from the 2025 Neco Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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