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?
A
N250,000.00
B
N200,000.00
C
N150,000.00
D
N100,000.00
Verified Correct Answer: B.
Step-by-Step Mathematical Solution
N1.00 = $0.075
N X = $15,000
X = \(\frac{1.00 \times 15000}{0.075}\)
= N200,000.00
Source: Myschool Past Questions Archive (Record #45696)