I hope there is an easier way to calculate the following in excel:
I am endeavoring to determine the weighted hourly rate of pay to determine the 75th percentile for a market wage rate study.
Example of data
3 hours at $45, 160 hours at $25, 900 hours at $65. (this is 3 examples of hour associated with rates that need to be included in the formula.) I need to count each rate individually times the hours that are available at that rate.
My hope is that there is a way to do this without having to manually list the $45 rate 3 x's in a column, $25 rate 160 x's in same column and $65 900 times in same column to then be able to formulate the statistic percentage in column count at 0.75.
Bottomeline issue is need hours in one column where each different rate is accounted for times the number of hours that need to be weighted for the rate.
Thanks for any insight for better way to do this!!!!
I am endeavoring to determine the weighted hourly rate of pay to determine the 75th percentile for a market wage rate study.
Example of data
3 hours at $45, 160 hours at $25, 900 hours at $65. (this is 3 examples of hour associated with rates that need to be included in the formula.) I need to count each rate individually times the hours that are available at that rate.
My hope is that there is a way to do this without having to manually list the $45 rate 3 x's in a column, $25 rate 160 x's in same column and $65 900 times in same column to then be able to formulate the statistic percentage in column count at 0.75.
Bottomeline issue is need hours in one column where each different rate is accounted for times the number of hours that need to be weighted for the rate.
Thanks for any insight for better way to do this!!!!
