if the foreign exchange rate is N80 to £1, then a bicycle bought for £40 will cost

Assessment: WAEC SSCE - Economics - 1994 (Objective) Subject: Economics

Question 1 Report

if the foreign exchange rate is N80 to £1, then a bicycle bought for £40 will cost
Answer Details
If the foreign exchange rate is N80 to £1, then to convert the cost of a bicycle bought for £40 to Naira, we need to multiply the pounds by the exchange rate in Naira. £40 * N80/£1 = N3,200. Therefore, the bicycle bought for £40 will cost N3,200. So, the correct option is: N320.00.
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