Correct Option: B. Sell everything and borrow N4 million
Detailed Explanation:
In the context of "The Lekki Headmaster," Sola and her husband faced financial challenges in funding their trip to the UK. The correct answer,
B, indicates that they had to
sell everything and borrow N4 million. This option reflects the extent of their financial commitment and the drastic measures they were willing to take to achieve their goal of traveling abroad.
- Understanding the Context:
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Sola and her husband likely had a specific purpose for their trip, which could include education, work, or family visits. Such trips often require substantial financial resources, especially when considering travel costs, accommodation, and living expenses in a foreign country.
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Financial Strategy:
- By choosing to sell everything, Sola and her husband were willing to liquidate their assets. This could include selling personal belongings, property, or other valuables. This step indicates a high level of commitment to their goal, as they were ready to part with significant possessions.
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Additionally, borrowing N4 million suggests that they needed more funds than what they could generate from selling their assets alone. This amount indicates a serious financial undertaking, as it is a substantial loan that would likely require a solid repayment plan.
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Implications of Their Decision:
- Selling everything and borrowing a large sum of money can have long-term implications. It may lead to financial strain if they are unable to repay the loan or if the trip does not yield the expected benefits. However, it also shows their determination and willingness to take risks for potential rewards.
Why the Other Options Are Wrong or Weaker:
- A. Take a N2 million loan:
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This option suggests a smaller financial commitment compared to option B. If Sola and her husband only took a N2 million loan, it implies they did not need to sell their possessions, which contradicts the narrative of their struggle to fund the trip. The amount is insufficient for a trip to the UK, considering travel and living expenses.
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C. Get sponsorship from relatives:
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While getting sponsorship from relatives is a common way to fund trips, it implies reliance on others rather than taking proactive financial measures. The narrative suggests that Sola and her husband were in a position where they needed to take drastic actions themselves, making this option less fitting.
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D. Apply for government funding:
- Government funding is typically available for specific purposes, such as education or business development. However, it is often competitive and not guaranteed. The urgency and personal nature of Sola and her husband’s situation likely made this option less viable, as they needed immediate funds to secure their trip.
Revision Summary:
- Sola and her husband had to sell everything and borrow N4 million to fund their trip to the UK.
- This decision reflects their commitment and willingness to take significant financial risks.
- Other options (A, C, D) were less viable due to insufficient funding, reliance on others, or uncertainty in obtaining government support.
- Understanding the financial implications of such decisions is crucial for planning and risk management in personal finance.