Neco Model Questions Vol1 2025 Commerce Question 40

Practice objective / multiple choice question 40 from the 2025 Neco Model Questions Vol1 Commerce examination.

Neco Model Questions Vol1 2025 Commerce Objective / Multiple Choice Easy Difficulty

Question 40 NECO_MODEL_QUESTIONS_VOL1 • 2025 • COMMERCE • objective

A trader purchases 1,000 US $ at an exchange rate of $₦410$ per dollar and pays a commission of $2\%$ on the Naira amount paid. He later sells the dollars at an exchange rate of $₦425$ per dollar with no commission. What profit does the trader make in Naira?

Answer Options

A. 5800

Correct Answer B. 6800

C. 7200

D. 6400

Correct Answer

Correct Option:

6800

About This Question

This is Neco Model Questions Vol1 2025 Commerce Question 40. It is one of the objective questions from the 2025 Neco Model Questions Vol1 Commerce examination.

Difficulty level: Easy .

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Neco Model Questions Vol1 2025 Commerce Question 40

A trader purchases 1,000 US $ at an exchange rate of \(₦410\) per dollar and pays a commission of \(2\%\) on the Naira amount paid. He later sells the dollars at an exchange rate of \(₦425\) per dollar with no commission. What profit does the trader make in Naira?

Answer Options

About This Question

Master the Exam!

A trader purchases 1,000 US $ at an exchange rate of \(₦410\) per dollar and pays a commission of \(2\%\) on the Naira amount paid. He later sells the dollars at an exchange rate of \(₦425\) per dollar with no commission. What profit does the trader make in Naira?