Is there and easy way - to load Hourly wage rate for multiple hours to obtain weighted rates?
For market study, I need to calculate 75th percentile wage rate using a 'weighted' hourly rate for employee hours available.
Example: one employee has 3 hours @ $25 (need to count $25 three times in column A), 910 hours @ $65 (need to count $65 910 times in column A), 160 hours @ $45 (need to count $45 160 times in column A)to then determine .075 statistical percentage in Excel.
Is there a simpler way to load the each rate for the multiple times needed without manually putting each rate in and dragging through the number of rows needed to correlate to number of hours available? Very cumbersome and error prone when you have hundreds of employee with different rates and available hours.
I can do this manually but suspect there must be an easy way to build a formula to account for rate for the multiple hours? (I hope)
Thanks for whatever help you can provide.