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

[Tilly2]

O.k. Thank you.

[ukanonymous]

so what is the final answer around 1500?

[Old_Geezer]

Since you only have groupings and not exact figures for each one has to make assumptions.

In your shoes I'd set the payment for the group to be the middle value in the range.

i.e. 15% pay 1500

After that I'd select a value for the total number of people and then see what the average proves to be.

e.g.

55 * 500 = A
15 * 1500 = B
13 * 2500 = C
12 * 3500 = D
5 * 7000 = E (This is the most dodgy assumtion but in the absence of accurate figures ...)

A = B + C + D + E = Z is the total

Z / 100 = average

I've not tried it, this is off the top of my head, but I think it's how I'd tackle it.

[factor-fiction]

55 people pay £500 = £27500
15 people pay £1500 = £22500
13 people pay £2500 = £32500
12 people pay £3500 = £42000
5 people pay £7000 = £35000
____________________________

100 people pay = £159500

Mean = £159500 divided by 100 = £1590

If it was my business I would consider tweaking the figure for the top and bottom bands though as the distribution in these may be skewed in practice. In fact the bottom band seems too big -it accounts for more than half the population. I'd want to do a more detailed analysis of this band- maybe break it down into 2 or 3 categories

[Old_Geezer]

Ah I see Fibonacci has said much the same already.

[ukanonymous]

This seams like not the answer I am looking for so I will have to tweak the figures here. But thank you for all your help and helping me understand how to do it.
I will be looking out for your posts in news OG I do have to say they are my fave :)

[factor-fiction]

old-geezer is a great poster, ukanoymous, but I'm wondering whether you are confusing him with AnotherOldGit