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19 March, 18:06

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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  1. 19 March, 18:14
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    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
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