A guitarist earns a royalty of 22% of the selling price of a CD. If he earns $2.64 on each CD sold, what is the selling price of the CD?
To find the selling price of the CD, we can use the information that the guitarist earns a royalty of 22% of the selling price of the CD, which is equal to $2.64.
Let's calculate the selling price step by step:
Step 1: Determine the royalty earned per CD.
The guitarist earns $2.64 on each CD sold. This is 22% of the selling price of the CD. So, if we let "x" be the selling price of the CD, we can set up the equation:
0.22x = $2.64
Step 2: Solve for the selling price.
To isolate "x," we divide both sides of the equation by 0.22:
x = $2.64 ÷ 0.22
x = $12
Therefore, the selling price of the CD is $12.
0.22x = 2.64
x = $________