Question

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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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