Chepkurui imports rice from the United States at an initial cost of 500US Dollars per tonne. He then pays 20% of this amount as shipping costs...

Chepkurui imports rice from the United States at an initial cost of 500US Dollars per tonne. He then
pays 20% of this amount as shipping costs and 10% of the same amount as custom duty. When the
rice reaches Mombasa he has to pay 5% of the initial cost to transport it to Nairobi.
(a) Given that on the day of this transaction the exchange rate was 1US Dollar = Ksh 76.60,
calculate the total cost of importing one tonne of rice up to Nairobi in Kenya Shillings
(b) Chepkurui intends to make a profit of 20%. Giving your answer to the nearsest ten cents,
calculate the price at which he must sell the rice per kilogram
(c) If on the day that he completes the sale of this import he changes the total collection back to
US Dollars at the rate of 1US Dollar = Ksh 78.20, calculate the actual profit that Chepkurui
realized correct to three decimal places

---

(a) Cost of tonne of rice is US $ 500
Shipping cost of rice = 20/100 x US$ 500 =
US$ 100
Transport to Nairobi = 5/100 x US$ 500 =
US$ 25
Custom duty = 10/100 x US$500 = US$ 500 =
US$ 50
Total cost in dollars = 500 + 100 + 50 + 25 =
US$ 675

---

Kavungya answered the question on June 19, 2019 at 07:57

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