Not sure if I worded the question right. And I'm not particularly sure if I know the terms I am looking for.
Please help me understand this better.
I have a group of students who participate together in a fundraising event. The money raised will be divided up and distributed to each student's individual account based on two things:
- The percentage each age group is in the overall number of students who participated
- The "value" each age group brings to the event.
I have 3 age groups. Groups 1, 2 and 3. Not all age groups will necessarily participate. If an equal number of students from each age group participates then Group 1 will earn 1/6 of the total, Group 2 will earn 1/3 of the total, and Group 3 will earn 1/2 of the total.
Example: 1 student from each age group participates in a fundraiser and raises
$300 The student from Group 1 will be given
$50. The student from Group 2 will be given
$100. The student from Group 3 will be given
What is it called, and how do I calculate out different scenarios, like:
- 3 students from Group 3, and 1 student from Group 2 participates in a fundraiser and raised
- 3 students from Group 3, 3 students from Group 2, and 1 student from Group 1 participates in a fundraiser and raises
Is there a general formula for this?
Thanks in advance!