Kenyan businessman bought goods from Japan worth 2, 950 000 Japanese yen. On arrival in Kenya custom duty of 20% was charged on the value of the goods. If the exchange rates were as follows:
1 US dollar = 118 Japanese Yen
1 US dollar = 76 Kenya shillings
Calculate the duty paid shillings
Yen to US Dollar
1 US Dollar = $25000
= 76 × 25000 = Kshs 1900000
20 %× 1900000= Ksh 380000
is this correct?
Plz I need this quiz A Kenyan businessman bought a car from Japan worth 2,950,000 Japanese yen. On arrival in Kenya custom duty of 30% was charged on the value of the goods.
If the exchange rates were as follows:
1 US dollar = 124 Japanese Yen
1 US dollar = 87 Kenya shillings
Calculate the duty paid in Kenya shillings
Among the members
To calculate the duty paid in Kenyan shillings, we need to convert the value of the goods from Japanese yen to US dollars, and then from US dollars to Kenyan shillings.
First, we convert the value of the goods from Japanese yen to US dollars using the given exchange rate of 1 US dollar = 118 Japanese yen:
2,950,000 Japanese yen ÷ 118 = 25,000 US dollars
Next, we convert the US dollars to Kenyan shillings using the given exchange rate of 1 US dollar = 76 Kenyan shillings:
25,000 US dollars × 76 = 1,900,000 Kenyan shillings
So, the value of the goods in Kenyan shillings is 1,900,000.
To calculate the duty paid in Kenyan shillings, we need to calculate 20% of the value of the goods in Kenyan shillings:
20% × 1,900,000 = 380,000 Kenyan shillings.
Therefore, the duty paid in Kenyan shillings is 380,000.