I'm trying to take the money earned over several days - each with unique hours worked and dollars earned per hour (hrs and $/hr). What I've done is multiply each days' # of hours by its rate to get the money earned for each day. From there, I totaled the money earned, and found the percentage for the money earned each day over the total.
With this information, I'm trying to find out how I can find the average rate of pay, weighting the different days based on their rates and hours.
I tried finding the weight for each day by multiplying each days rate by its percentage earned of the total money. With these values I added them up, and then divided by the total amount of days. This seems wildly off. I then tried to simply add up the weighted values. This gets the correct value (total money/total hours), but only when all of the rates are the same. How can I set up an equation to find the weights of each and use these weights to find the average rate of pay?
I've got this setup in excel, so if I need to paste in the relevant parts of the document I can.