Mike writes a book and gets 15% royalty of total sales. He sells 50,000 books at a cost of $35 per book. What is the royalty he receives? Remember to put the $ symbol in your answer. For example, if your answer is 10 dollars, write $10 in the answer box.
Calculate total sales:
Total Sales = Number of Books * Price per book
Total Sales = 50,000 * $35
Total Sales = $1,750,000
Now calculate Mike's royalties:
Royalties = Total Sales * Royalty Percent
Royalties = $1,750,000 * 15%
Royalties = $262,500
Calculate total sales:
Total Sales = Number of Books * Price per book
Total Sales = 50,000 * $35
Total Sales = $1,750,000
Now calculate Mike's royalties:
Royalties = Total Sales * Royalty Percent
Royalties = $1,750,000 * 15%
Royalties = $262,500