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WAEC Economics 1994 Question 9

Question 9

Balance of Payments and Exchange Rates

If the foreign exchange rate is N8 to £1, then a bicycle bought for £40 will cost

  1. A.N15.00
  2. B.N60.00
  3. C.N100.00
  4. D.N250.00
  5. E.N320.00
Show the answer and explanation

Answer: E (N320.00)

Explanation

£40 × N8 = N320.