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A pharmaceutical company received $3 million in royalties on the first $20 million in sales of the generic equivalent of

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A pharmaceutical company received $3 million in royalties on the first $20 million in sales of the generic equivalent of

by M7MBA » Thu Jan 07, 2021 10:21 am

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A pharmaceutical company received $3 million in royalties on the first $20 million in sales of the generic equivalent of one of its products and then $9 million in royalties on the next $108 million in sales. By approximately what percent did the ratio of royalties to sales decrease from the first $20 million in sales to the next $108 million in sales?

(A) 8%
(B) 15%
(C) 45%
(D) 52%
(E) 56%

Answer: C

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