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:

$$\genfrac{}{}{0.1ex}{}{\pounds 286\text{,}600\text{,}000\times \mathrm{x}0.6563}{20\text{,}759\text{,}588}=9.060661$$

the unrounded figure is rounded to two places of decimals to give 9.06 pence.