How do I calculate the following example:
| Customer Spent | Number of Customers |
|---|---|
| [0 - 10 ] | 5 |
| (10 - 50] | 15 |
| (50 - 150] | 20 |
| (150 - 300] | 10 |
Say I want to estimate the total revenue, so I tried to use the median of each range and times the corresponding number of customers, 5 * 5 + 30 * 15 + 100 * 20 + 225 * 10 = 4725. Is it a valid approach?