Cingular nabbed the title of exclusive carrier for the Apple iPhone a little while back. Since then there has been speculation about what Apple is getting out of the deal. We all know that Steve wouldn't give up a huge share of the cell phone market for nothing. But just how much will he be getting?

Citigroup Investment Research analyst Michael Rollins thinks he has the answer. He believes that Apple could receive somewhere in the neighborhood of $250 - $300 from Cingular for each phone. This seems likely since Cingular already has a similar agreement with Radioshack, giving them about $300 for each contract they sell.

Rumors have already been floating about the profit margin for the phone ranging anywhere from 20-50 percent. If Cigular gives them $300 per phone, it will raise their profit margins to nearly 100%. Sounds like Apple has hit a goldmine.

Apple may see royalties from Cingular subscriber growth [via appleinsider]