A 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= KshS 380000
is this correct?
2 answers