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Financial Maths, STD2 EQ-Bank 20

Maria works as a freelance writer and earns income through royalties. A spreadsheet is used to calculate her monthly royalty earnings.

Royalties = Number of books sold \( \times \) Royalty rate per book

A spreadsheet detailing Maria's royalty earnings is shown below.
  

  1. Write down the formula used in cell B8, using appropriate grid references.   (1 mark)

  2. In April, Maria's total royalty earnings were $8960.40. Her royalty rate remained at $2.85 per book. How many books did Maria sell in April?   (2 marks)

Show Answers Only

a.   \(=\text{B4}^*\text{B5}\)

b.    \(\text{Number of books}=3144\)

Show Worked Solution

a.   \(\text{Total royalty earnings} = \text{Number of books sold} \times \text{Royalty rate per book}\)

\(\text{Formula:}\ =\text{B4}^*\text{B5}\)
 

b.   \(\text{Total royalty earnings} = \text{Number of books sold} \times \text{Royalty rate per book}\)

\(\text{Let the Number of books sold}=N\)

\(8960.40\) \(=N\times 2.85 \)
\(N\) \(=\dfrac{8960.40}{2.85}=3144\)