To find the price of an orange, we can use the information given in the question.
Let's assume the initial price of an orange is 'x' naira. According to the question, the price is raised by 1/2k naira per orange.
Therefore, the new price of an orange would be (x + 1/2k) naira.
Now, we need to find the number of oranges a customer can buy for #2.40.
Let's assume the number of oranges the customer can buy is 'n'.
The total cost of buying 'n' oranges would be n * (x + 1/2k).
According to the question, the customer can buy less than 16 oranges for #2.40, so we can write the equation:
n * (x + 1/2k) < 16
Now, let's substitute the given values into the equation:
n * (#2.40 + 1/2k) < 16
To calculate the price of an orange, we need to know the value of 'k'. Unfortunately, it's not provided in the question. Please provide the value of 'k', and I'll be able to assist you further.