A trader bought an engine for $15,000.00 outside Nigeria. If the exchange rate is $0.075 to N1.00, how much did the engine cost in Naira?
- N250,000.00
-
N200,000.00
- N150,000.00
- N100,000.00
The correct answer is: B
Explanation
N1.00 = $0.075
N X = $15,000
X = \(\frac{1.00 \times 15000}{0.075}\)
= N200,000.00