A trader bought an engine for $15,000.00 outside Nigeria. If the exchange rate is $0.070 to N1.00, how much did the engine cost in Niara?

A. N250,000.00
B. N200,000.00
C. N150,000.00
D. N100,000.00

Correct Answer: Option B

B. N200,000.00

Explanation

N1.00 = $0.075

NX = $15,000

X = (1.00×15000)/0.075

= N200,000.00