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Financial Maths, STD2 EQ-Bank 24

Sophie is a songwriter and receives a royalty of 9.5% on the sales of her music album.

Calculate Sophie's royalty payment if 15600 albums were sold at $22.95 each.   (2 marks)

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\($34\,011.90\)

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\(\text{Total sales}\ =15\,600 \times 22.95\ =$358\,020\)

\(\text{Royalty payment}\) \(=9.5\% \times 358\,020\)
  \(= 0.095\times 358\,020\)
  \(=$34\,011.90\)

 
\(\therefore\ \text{Sophie’s royalty payment is }$34\,011.90\)