what is the formula used to calculate average daily rate?

April 08, 2022 Post a Comment

Boilerplate Formula (Table of Contents)

Formula
Examples
Calculator

What is Average Formula?

An average is a term we used to hear in the statistics and mathematician the statistics boilerplate called Mean. Average play a very important office in the statistics if anyone wants to know the central value from bachelor data they tin utilise office average. In excel also we can easily find out boilerplate or hateful according to our needs. An average is a statistics term, in a simple term we can say an boilerplate is a unmarried number taken as representative of the list available. An average is used by many researchers at the time of doing research, But mainly average used past technical analyst considering they have to calculate the average price of detail stock in which they are doing inquiry, so they average having more importance in their field. An average is a eye number in the information.

The formula for Average –

Average = Total Sum of All Numbers / Number of Detail in the Set

Examples of Average Formula (With Excel Template)

Let's take an example to sympathise the calculation of Average Formula in a meliorate way.

You tin download this Average Excel Template here – Boilerplate Excel Template

Average Formula – Example #1

Data available of wages earned by labor in the terminal 4 weeks equally follow. Calculate the Boilerplate Wages earned past labor.

Solution:

Sum of all numbers is calculated as:

Sum of all numbers = 200 + 300 + 400 + 700 + 450 + 3000
Sum of all numbers = 2350

An average is calculated using the formula given below

Boilerplate = Total Sum of All Numbers / Number of Item in the Set

Boilerplate = 2350 / 6
Average = 391.67

Boilerplate Formula – Example #2

Information are available for the month of sales of ice-cream. From the available data Calculate the Average auction of ice cream.

Solution:

Sum of all numbers is calculated as:

Sum of all numbers = 1200 + 1300 + 1500 + 1400 + 1250
Sum of all numbers = 6650

An average is calculated using the formula given below

Boilerplate = Total Sum of All Numbers / Number of Item in the Set

Average = 6650 / v
Average = 1330

Average Formula – Example #iii

Raymond is a fabric visitor and every year the visitor manufacturing 100000 different types of cloth and selling to the dealer. So the company wants to know boilerplate monthly sales.From the available data Calculate the Average Sales.

Solution:

Sum of all numbers is calculated as:

Sum of all numbers = 17000 + 14000 + 15000 + 25000 + 14500 + 14800 + 3800 + 4520
Sum of all numbers = 108620

An average is calculated using the formula given below

Boilerplate = Total Sum of All Numbers / Number of Detail in the Set

Average = 108620/ 8
Average = 135778

Average Formula – Example #4

Voltas is in the business of manufacturing of A.C and they are having a partnership with Youngster Company limited for selling their product, every month they are selling 25000 quantities to the dealer. And then company voltas want to know their full sales because they have to pay dealer commission for selling their product. From the bachelor information Calculate the Average Sales form the company.

Solution:

Sum of all numbers is calculated as:

Sum of all numbers = 10000 + 12000 + 15000 + 9000 + 14520
Sum of all numbers = 60520

An average is calculated using the formula given below

Average = Full Sum of All Numbers / Number of Particular in the Set

Average = 60520/ 5
Average = 12104

Average sales for months is 12104.

Explanation

An average is a key number in the data which is used to answer the many types of question and incertitude. Many people used to observe out average by divide the sum of the total by two, buts it does not give the correct number. Average formula taking into consideration the total sum of all numbers given in data set and a sum is divided by a full number of items in the serial. Then Average is used for many ways for knowing the eye value in the data series. In the full general term, we calculate average just in the statistics, we calculate the arithmetic mean. Arithmetic means also known as average in the layman language. Average can be calculated for the various purpose, include average sales for the calendar month, Average turnover. It tin can exist calculated by the way of either number, series, data, range.

Relevance and Uses of Average Formula

In statistics, the average is used by the researcher for finding.
Many company and organization apply average to detect out their average sales and average manufacturing of the production and average salary and wages paid to labor and employees.
WHO (Earth Health Organisation) besides used average to know the yearly death and nativity rate during a particular time.
An boilerplate is one of the almost important terms in the field of statistics.
Average used by many agencies, basically to know the middle number or data in the bachelor data.
An average is a very important tool in the field of Research company to know the boilerplate traded price of a particular stock.
Boilerplate play a very important role in the stock market. Many investors used an average of stock for last year for doing new investment.
Many types of department system and sector used the boilerplate as per their requirement and need.
Average having relevance in each and every field and sector, peculiarly in the stock market because information technology is used by analyst frequently.