ABC Corporation is going to buy a new machine for its new facility in Muscat. ABC reaches to Meethaq Islamic Bank (MIB) to fund for the machine. They make a "Murabaha" contract. Profit rate for the contract is 0.05 per year and contract is for 9 years. The profit of the contract is 65900 OMR. Calculate total contract price. Select one: a. 66266.1 b. 146444.4 c. 51255.6 d. 212344.4
Added by Larry R.
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The profit rate is 0.05 per year, and the contract is for 9 years. So, the total profit for the contract is 0.05 * 9 = 0.45. Show more…
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