Maths Question Help Please

[ukanonymous]

Hi peeps I am stuck with a maths question for my new business if someone could potentially help please.

If I have:
55% people pay 4000

[factor-fiction]

What's the question?
Do you want to find how much 100% of the people will pay?
Divide by 55 to find the value of 1%.
Then multiply by 100 to get the figure for 100%

[factor-fiction]

I think part of the question is missing. Are you trying to work out how much you receive altogether. It depends how many people are in the group for which 55% pay

[ukanonymous]

sorry! No I am trying to work out the average price people pay. silly me

[factor-fiction]

So are you asking:
55% pay £4000 and the other 45% pay nothing? What's the average payment per person?
If so, you need 55% of £4000. So divide by 100 to find 1% then multiply by 55.
The answer would be 55 x 40 (or 0.55 x 4000) =£ 2200

[ukanonymous]

wait I just saw my question! Something has happened to it let me start again

[ukanonymous]

If I have:
55% people pay 4000

[Tilly2]

£72.72 each?

[ukanonymous]

duh I know why. This site must be tricked into thinking I am writing code
If I have:
55% people pay Less Than 1000
15% people pay 1000-2000
13% people pay 2000-3000
12% people pay 3000-4000
5% people pay greater than 4000 but less than10000

What is the average price people pay?

[sandyRoe]

if 55% of the people pay 4000, 100% will pay 7272.7

[sandyRoe]

ignore that^

[Fibonacci]

Assume 1000 people in total and they each pay mid amount of your payment ranges
550 pay £500 = £275000
150 pay £1500 = £ 225000
130 pay £2500 = £325000
120 pay £3500 = £420000
50 pay £7000 = £3500000
Total = £1595000
Average person = 1595000 / 1000 = £1595

[Tilly2]

So 100% pay from £0 to £10000. The average is £100.

[factor-fiction]

Thanks- yes something goes wrong on AB when teh greater than and less than signs are used.
The method tought for estimating the mean is to use the midpoint for each class interval
55% people pay £500
15% people pay £15000
13% people pay £2500
12% people pay £3500
5% people pay £7000

But for a real life example you may want to teak the figures for each group- particularly the first and last group.

Then work out the total for 100 people and then divide by 100 to find the estimate of mean

[factor-fiction]

Both Fibonacci have stuttered on the keyboard and typed an extra zero somewhere at some point

[ukanonymous]

I understand now yes thank you :) I can not believe all the maths I used to know has vaniched

[Tilly2]

Aw, I got it wrong!

[Fibonacci]

Sorry for error in first posting:
should read
50 pay £7000 = £350000
Total is correct £1595000
Average person = 1595000 / 1000 = £1595

[Tilly2]

Doing it factor's way makes £150. Now I'm confused but it doesn't take much!

[factor-fiction]

My way would give the same answer as Fibonacci's way- the only difference is I worked it out for 100 people then divided by 100 to find the mean whereas he used a figure of 1000 people and then divided by 100