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Real-Life Math -- Solution

You want to calculate how much you and your co-author will receive in royalties.

47,612 x 8.95 = $426,127.40 total sales
426,127.40 x 0.07 = $29,828.92 royalty earnings total
29,828.92 - 3,000 = $26,828.92 after deducting advance
26,828.92 / 2 = $13,414.46 earnings each

You each made $13,414.46 for all that hard work and time.

"It's important to get the business side of things organized," says novelist Michael Turner. "Even though what we do is mostly creative, it is imperative to have a good grasp on the financial aspects."


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