Answer:
$1,045,000,000 = $1.045 billion.
Step-by-step explanation:
Pittman–Robertson Act
The Pittman–Robertson Act (Federal Aid in Wildlife Restoration Act of 1937) requires an 11% excise tax to be paid on the sale of firearms, ammunition, and archery equipment to be used by state governments to fund wildlife restoration.
Given information:
- Number of firearms sold during 2020 = 19,000,000
- Average selling price of a firearm = $500
- Rate of tax = 11%
The money raised for conservation can be calculated by finding 11% of the number of firearms sold multiplied by the average selling price.
[tex]\begin{aligned}\textsf{Money raised}&=11\% \textsf{ of }19,000,000 \times \$500\\\\& = \dfrac{11}{100} \times 19,000,000 \times 500\\\\& = \dfrac{11\times 19,000,000 \times 500}{100} \\\\& = \dfrac{104,500,000,000}{100} \\\\& = 1,045,000,000\end{aligned}[/tex]
Therefore, the total amount of money raised was $1,045,000,000 ($1.045 billion).
