Question

a trader bought an article in sierra leone at le 360000. he paid 25% of the cost price as import duty on entering Nigeria. if the rate of exchange is#1.00, le6.00, how much in naira did he pay as import duty?

Answer 1

18342.5

Step-by-step explanation:

Cost price of article = Rs. 15,500

Cost of repair = Rs. 450

∴ Total cost of article = Rs. (15500+450) = Rs. 15,950

.

Profit on selling article =15%

∴ Profit (Rs.) =

100

15

×15,950=2392.5

Selling Price = Cost Price + Profit

∴ Selling Price = 15950+2392.5=Rs.18342.5