Test Index

WAEC IRS 2016 Paper

Question : 48

Total: 50

The Zakat payable on 10 million dollars is

Solution:

Concept:

Zakat on money and other capital assets is payable at the rate of

2.5\%

, which is equivalent to

\frac{1}{40}

of the total amount.

Explanation:

The amount on which Zakat is to be paid is

\$10{,}000{,}000

It is assumed that the nisab is reached and one lunar year has passed.

So, Zakat payable

= 2.5\%

\$10{,}000{,}000

This gives

10{,}000{,}000 \times 0.025 = 250{,}000

Hence, the Zakat payable is

\$250{,}000

Answer:

Option A:

\$250{,}000

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