Article 5 Method of calculation

the number of pence in the pound is obtained by the formula

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

and accordingly the calculation is:

$$\genfrac{}{}{0.1ex}{}{\pounds 190\text{,}000\text{,}000\times 0.6563}{\pounds 20\text{,}530\text{,}875}=\mathrm{6.073633;}$$

the unrounded figure is rounded to two places of decimals to give 6.07 pence.