Weighted Average

[blarrabee]

So I'm trying to figure out what my average pay rate is. I'm paid at two different rates depending on the nature of the project (internal rate vs external rate). I'm currently doing 70% internal and 30% external. I want to calculate my average rate and be able to extrapolate if my variables change.

thanks

 

[JackDanIce]

I think it would be:

[(Internal Rate x 0.70) + (External rate x 0.30)] x 0.5

 

[number kruncher]

Without any data to use, could you just divide the payment received by the hours worked?

 

[blarrabee]

After googling around I came up with the following:
=SUMPRODUCT(B6:B7,C6:C7)

Where B6 & B7 are the pay rates and C6 & C7 have the weights. Does that sound right? The results look believable.