How are average "Rates" calculated?
I am wondering how average rates calculated with email marketing metrics. I may be just driving myself insane but wanted to clarify.
Example:
Let's say you sent 3 emails out all time and below are the metrics for each send.
Delivered Opens % Opened
Email 1: 1000 150 15%
Email 2: 2300 430 18.7%
Email 3: 400 180 45%
Is your average open rate 20.54% (Calculated by SUM OF EMAILS OPENED/SUM OF EMAILS DELIVERED)?
OR
Is you average open rate 26.23% (Calculated by (15% + 18.7% + 45%)/3) ?