Scott wrote a financial algebra textbook for highschool students. He earned 17,500 up front when he submitted the job and he now receives a 7.5% Royalty based on the total sales of the book. The book retails for $51.95 each. In the first six months 12,241 copies were sold.

How much did Scott earn in total payments for the first six months to the nearest cent?

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Question

Ashanti Arnold

Mathematics

10 October, 12:44

Scott wrote a financial algebra textbook for highschool students. He earned 17,500 up front when he submitted the job and he now receives a 7.5% Royalty based on the total sales of the book. The book retails for $51.95 each. In the first six months 12,241 copies were sold.

How much did Scott earn in total payments for the first six months to the nearest cent?

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Q=

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Answers (1)

Know the Answer?

Misael Fox · Answer 1

The total amount received by Scott will be given by:

Total amount = (amount received after submission) + (Royalty)

amount received after submission=$17500

Royalty=7.5%

Total amount of cash received after selling 12241 copies will be:

12241x51.95

=635,919.95

amount received for royalty

=7.5/100*635,919.95

=47,694

Total amount received=47,694+17500

=$65194