Article 5 Method of calculation

the unrounded amount in the pound is obtained by the formula

$$\genfrac{}{}{0.1ex}{}{\mathrm{the}\mathrm{estimated}\mathrm{grant}\times \text{the ratepayer proportion}}{\text{the estimated penny rate product of Greater London}}$$

and accordingly the calculation is—

$$\genfrac{}{}{0.1ex}{}{\pounds 239\text{,}000\text{,}000\times \mathrm{0·6563}}{\pounds 20\text{,}186\text{,}201}=\mathrm{7·7704417}\text{pence;}$$

the unrounded amount in the pound is rounded to two places of decimals to give 7·77 pence.