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Maths Question Help Please
27 Answers
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
If I have:
55% people pay 4000
Answers
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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.
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.
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
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
