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In this lesson, you’ll learn how to calculate the average pay rate for the careers you’re exploring. An average, or the central value in a set of numbers, is found by adding all the numbers together and then dividing by the number of items in the set. This method of finding the average from different pay rates provides a more realistic idea of potential earnings in a job. This is especially useful because pay rates can vary significantly from one company to another for the same position. To start, you should type “Average” under your sources in the Pay Rate column for the first job in your spreadsheet, making it bold to ensure it stands out clearly.
The process of calculating the average pay rate involves using a formula within your spreadsheet. Using a formula for these mathematical calculations is both faster and more accurate than adding up numbers manually. Additionally, the calculated average automatically updates if you change any of the numbers in your list. Begin by selecting the cells that contain the pay rate data. The cell references included in your formula determine which cells are used in the calculation, and allow the total to automatically adjust if numbers in those cells change. Apply the AVERAGE formula, which calculates the average of the values in the selected cells. It’s important to note that the total will change if any of the numbers in the referenced cells are modified. After completing these steps for one career, repeat the process to find the average pay rates for additional careers. Now it’s your turn to add an “Average” label, use a formula to calculate the average pay rate, and apply these steps for other careers.