In the wake of its settlement with Microsoft Corp, analysts are wondering how IBM Corp hopes to make money out of OS/2: the royalty it must pay Microsoft is now generally put at $15 to $20 per copy, and all the blank disks needed to make each copy of the thing, plus printing and packaging cost about $26, which does not leave much for distribution from the $49 it charges Windows users, $99 for MS-DOS users and $139 for those having neither.