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5.1 Describe the five major methods of payment in international transactions.Give a detailed explanation of how payment by Letter of Credit (L/C) works.Why might both

5.1 Describe the five major methods of payment in international transactions.Give a detailed explanation of how payment by Letter of Credit (L/C) works.Why might both a seller and a buyer of goods prefer it to other payment arrangements? What supporting documents might be required for an L/C to be paid in the normal course of an international transaction for the international purchase and sale of goods? (15 marks)

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