Guesstimate and Fermi questions, with worked answers
A guesstimate, or Fermi question, asks you to estimate a number you can't look up, like how many piano tuners work in Chicago, by breaking it into round assumptions and multiplying. Pick the kinds you want and get random questions, each with a hint and a worked answer done two ways.
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Random guesstimate questions, answered two ways
Fermi questions about the everyday world, business questions about one shop or site, and market sizing. 57 questions in all, classic and new.
Pick one or more kinds, then how many. Questions come at random from 57 practice questions, classic and new, with no repeats until you have seen them all.
How to answer a guesstimate, in three moves
The same three moves work for a Fermi question, one business's revenue or a whole market.
- 1
Clarify what you are counting
Pin down the place, the time period and the unit before any number. 'Pianos in the city or the metro area?' takes five seconds and saves the whole answer.
- 2
Break it into a chain
Write the number as a product of things you can guess: people, then the share who do it, then how often. Say each link out loud before you put a number on it.
- 3
Check it a second way
Build a second route that shares as few inputs as possible, like the gas stations instead of the cars. If the two land close, give one number. If not, give a range and say which input you trust least.
24 guesstimate questions, with answers
Open a hint to get the structure, or the worked answer to see both routes and where they land. The inputs are round practice assumptions. Real figures are linked where one exists.
14 Fermi questions
How many piano tuners work in Chicago?
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- The city of Chicago only, or the whole metro area?
- Full-time tuners, or anyone who tunes pianos part of the time?
One way in: people in Chicago ÷ people per piano (homes, schools and churches together) × tunings per piano per year ÷ tunings one full-time tuner does in a year (4 a day, 250 days)
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From the people: 2.7 million people in Chicago ÷ 50 people per piano (homes, schools and churches together) × 1 tunings per piano per year ÷ 1,000 tunings one full-time tuner does in a year (4 a day, 250 days) = 54
From the households: 1.1 million households in Chicago × 4% share with a piano + 8,000 pianos in schools, churches, studios and venues × 0.9 tunings per piano per year (some never, some twice) ÷ 1,100 tunings per tuner per year (5 a day, 220 days) = 43
The routes are 27% apart, so give a range: 43 to 54 full-time piano tuners. Order of magnitude: about 102.
Tip: This is the question Enrico Fermi is said to have asked his students. The skill is the chain: people, pianos, tunings, tuners. Say each link before you put a number on it.
How many golf balls fit inside a school bus?
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- Is the bus empty, with the seats taken out, or do we pack around the seats?
- A full-size school bus, or a short one?
One way in: feet of usable interior length × feet of interior width × feet of height inside × cubic inches in a cubic foot × share of the space balls fill when poured in ÷ cubic inches per golf ball (1.68-inch diameter)
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By volume: 35 feet of usable interior length × 7.5 feet of interior width × 6 feet of height inside × 1,728 cubic inches in a cubic foot × 64% share of the space balls fill when poured in ÷ 2.48 cubic inches per golf ball (1.68-inch diameter) = 702,348
By rows: 250 balls in a row along 420 inches (420 ÷ 1.68) × 54 rows across 90 inches (90 ÷ 1.68) × 43 layers up 72 inches (72 ÷ 1.68) = 580,500
The routes are 21% apart, so give a range: 580,000 to 700,000 golf balls. Order of magnitude: about 106.
Tip: Volume questions are three lengths multiplied. Then say the packing out loud: round balls never fill a box, and a neat grid holds fewer than balls that settle into the gaps.
How many gallons of gasoline do US cars, SUVs and pickups burn in a year?
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- Gasoline only, or diesel and jet fuel too?
- Personal vehicles only, or delivery vans and trucks as well?
One way in: light vehicles on US roads (cars, SUVs, pickups) × miles driven per vehicle per year ÷ miles per gallon, on average
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From the vehicles: 250 million light vehicles on US roads (cars, SUVs, pickups) × 11,500 miles driven per vehicle per year ÷ 23 miles per gallon, on average = 125 billion
From the gas stations: 145,000 gas stations in the US × 2,500 gallons sold per station per day × 365 days per year = 132 billion
Say about 130 billion gallons of gasoline per year. Order of magnitude: about 1011.
Per American, that is about 380 gallons of gasoline per year. That is over 7 gallons a week for every man, woman and child, which fits most adults driving and filling up about once a week.
Real figure: The US Energy Information Administration puts US gasoline use at about 136 billion gallons in 2023. EIA: How much gasoline does the United States consume?
Tip: Two routes that share no inputs, vehicles on one side and stations on the other, are the strongest check you can give.
How many airplanes are in the air over the US at a busy moment of the day?
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- All aircraft, including private and cargo planes, or airline flights only?
- A busy weekday afternoon, or any moment including the middle of the night?
One way in: flights the FAA serves on a typical day (it says more than 44,000) × hours per flight, on average ÷ hours in the busy part of the day, when most flights happen
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From the flights: 44,000 flights the FAA serves on a typical day (it says more than 44,000) × 2 hours per flight, on average ÷ 16 hours in the busy part of the day, when most flights happen = 5,500
From the fleet: 7,000 US airline passenger and cargo jets × 60% share flying at a busy moment + 1,500 private, training and other small planes flying at the same time = 5,700
Say about 5,600 aircraft in the air. Order of magnitude: about 104.
Tip: Snapshot questions (how many at one moment) are a daily total times the time each one lasts, divided by the hours in the day. The same trick sizes a queue or a parking lot.
How many times does a person's heart beat in a lifetime?
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- An average American, living to the average life expectancy?
- Do we allow for exercise and sleep, or use one resting rate?
One way in: beats per minute at rest, on average × minutes in a year (60 × 24 × 365) × years in a lifetime (US life expectancy at birth is about 79)
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One average rate: 70 beats per minute at rest, on average × 525,600 minutes in a year (60 × 24 × 365) × 79 years in a lifetime (US life expectancy at birth is about 79) = 2.91 billion
Awake and asleep: 72,000 beats in 16 waking hours at about 75 a minute (75 × 60 × 16) + 28,800 beats in 8 hours of sleep at about 60 a minute × 28,850 days in 79 years (79 × 365, plus leap days) = 2.91 billion
Say about 2.9 billion heartbeats. Order of magnitude: about 109.
Tip: Know 525,600 minutes in a year and about 31.5 million seconds. Time-based Fermi questions often need one of them.
How many words does a typical adult speak in a day?
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- Spoken out loud only, not typed or texted?
- A typical workday, or any day of the week?
One way in: hours a day spent talking × minutes per hour × words per minute in normal conversation
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From talking time: 2 hours a day spent talking × 60 minutes per hour × 130 words per minute in normal conversation = 15,600
From conversations: 25 conversations in a day, short and long × 8 minutes per conversation × 50% share of the time you are the one talking × 130 words per minute = 13,000
The routes are 20% apart, so give a range: 13,000 to 16,000 words a day. Order of magnitude: about 104.
Real figure: A study published in Science in 2007, which recorded 396 people for several days, found that women and men both spoke about 16,000 words a day. Mehl and others (2007), Science: Are women really more talkative than men?
Tip: When a question is about one person's day, build it from time: hours doing the thing, times the rate while doing it.
How many steps would it take to walk from New York to Los Angeles?
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- Along roads, not in a straight line?
- An average adult's stride, walking rather than running?
One way in: miles of walking route, New York to Los Angeles × feet per mile ÷ feet per step (a typical adult step length)
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By distance: 2,800 miles of walking route, New York to Los Angeles × 5,280 feet per mile ÷ 2.5 feet per step (a typical adult step length) = 5.91 million
By time: 933 hours of walking at 3 miles an hour (2,800 ÷ 3) × 6,000 steps per hour (about 100 a minute) = 5.6 million
Say about 5.8 million steps. Order of magnitude: about 107.
Tip: Distance and time give two routes, but both start from the 2,800 miles, so check the rates against each other: 3 miles an hour at 100 steps a minute is a 2.6-foot step, close to the 2.5 feet in the first route.
How many babies are born in the US each day?
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- Live births in the 50 states and DC only?
- An average day, not a particular day of the week?
One way in: people in the US × births per person per year (about 11 per 1,000) ÷ days per year
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From the population: 340 million people in the US × 1.1% births per person per year (about 11 per 1,000) ÷ 365 days per year = 10,247
From the mothers: 64 million US women aged 15 to 44 × 5.5% share who give birth in a year ÷ 365 days per year = 9,644
Say about 9,900 births a day. Order of magnitude: about 104.
Real figure: The CDC counted 3,628,934 US births in 2024, about 9,900 a day. CDC National Center for Health Statistics: Births and Natality
Tip: Rates per 1,000 are easy to misplace by a factor of 10. Say the yearly total out loud before you divide by 365.
How many pet dogs live in New York City?
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- All five boroughs?
- Pet dogs only, not working dogs or dogs in shelters?
One way in: households in New York City × share that own a dog (lower than the suburbs) × dogs per dog-owning household
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From the households: 3.2 million households in New York City × 16% share that own a dog (lower than the suburbs) × 1.2 dogs per dog-owning household = 614,400
From the people: 8.3 million people in New York City ÷ 15 people per dog in a dense city (small apartments, few yards) = 553,333
Say about 580,000 pet dogs. Order of magnitude: about 106.
Tip: Adjust national habits for the place. A dense city with small apartments has fewer dogs per household than the country as a whole, so say why your share is lower.
How many school buses are there in the US?
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- Yellow school buses for K to 12 only, not transit or charter buses?
- Public and private schools, or public only?
One way in: public school students, K to 12 × share who ride a school bus ÷ riders per bus per day (about 36 a run, 1.5 runs)
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From the riders: 49 million public school students, K to 12 × 50% share who ride a school bus ÷ 54 riders per bus per day (about 36 a run, 1.5 runs) = 453,704
From the schools: 99,000 public schools × 5 buses per school, on average = 495,000
Say about 470,000 school buses. Order of magnitude: about 106.
Tip: Buses run more than one route a morning. Forget the runs per bus and your count comes out far too high.
How many large pizzas would it take to cover an American football field?
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- End zones included?
- A large pizza is about 14 inches across?
- Laid flat with no overlap, so small gaps between them are fine?
One way in: feet long, end zones included × feet wide ÷ square feet per 14-inch pizza (π × 7² = 154 square inches) × share of the field circles cover when packed tightly
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By area: 360 feet long, end zones included × 160 feet wide ÷ 1.07 square feet per 14-inch pizza (π × 7² = 154 square inches) × 90% share of the field circles cover when packed tightly = 48,449
By rows: 308 pizzas along the length (4,320 inches ÷ 14) × 137 pizzas across the width (1,920 inches ÷ 14) = 42,196
Say about 45,000 large pizzas. Order of magnitude: about 105.
Tip: Circles in a square grid cover about 79% of the space. Staggered like a honeycomb they cover about 91%. Name the gap, and your range explains itself.
How many work emails do Americans send on a typical workday?
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- Emails written by people, not automated notices or marketing?
- Sent, not received?
One way in: US workers × share who use email at work × emails each sends per workday
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From the senders: 160 million US workers × 60% share who use email at work × 40 emails each sends per workday = 3.84 billion
From desk hours: 160 million US workers × 45% share in office or desk jobs × 7 hours at a desk per day × 7 emails sent per desk hour = 3.53 billion
Say about 3.7 billion work emails a day. Order of magnitude: about 1010.
Tip: Segment early. A nurse and an analyst both work, but only one sends 40 emails a day.
How many hairs are on a person's head?
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- An adult with a full head of hair, not counting the face or body?
- Scalp hair only?
One way in: square inches of scalp with hair (a hand is about 20) × hairs per square inch
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In square inches: 120 square inches of scalp with hair (a hand is about 20) × 1,000 hairs per square inch = 120,000
In square centimeters: 600 square centimeters of scalp with hair × 170 hairs per square centimeter (about one every millimeter) = 102,000
The routes are 18% apart, so give a range: 100,000 to 120,000 hairs. Order of magnitude: about 105.
Tip: Measure with your own body. Your palm is about 20 square inches, and a scalp is a few palms wide and a few long.
How many years would it take to read all of English Wikipedia, reading 8 hours a day?
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- Article text only, not talk pages, images or references?
- Reading at a normal pace, 8 hours every day of the year?
One way in: English Wikipedia articles × words per article, on average ÷ words read per minute ÷ minutes per hour ÷ reading hours per year (8 a day × 365)
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From the words: 7 million English Wikipedia articles × 650 words per article, on average ÷ 250 words read per minute ÷ 60 minutes per hour ÷ 2,920 reading hours per year (8 a day × 365) = 104
From the articles: 7 million English Wikipedia articles × 3 minutes to read one article (most are short) ÷ 60 minutes per hour ÷ 2,920 reading hours per year (8 a day × 365) = 120
The routes are 15% apart, so give a range: 100 to 120 years of reading. Order of magnitude: about 102.
Tip: Long chains of divisions are where answers slip by a factor of 60. Say the unit after every step: words, minutes, hours, years.
10 business guesstimates
What is the yearly revenue of one busy downtown coffee shop?
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- One independent shop, open every day of the week?
- Drinks and food together?
One way in: customers per day × average ticket × days open per year
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From customers: 500 customers per day × $7 average ticket × 360 days open per year = $1.26 million
From the hours: 280 orders in the 4 morning rush hours (70 an hour) + 220 orders in the other 10 open hours (22 an hour) × $6.5 average ticket × 360 days open per year = $1.17 million
Say about $1.2 million in sales per year. Order of magnitude: about 106.
Tip: For any one shop, the bottleneck is the rush. Seventy orders an hour is a little over one a minute, which is about what one register and a fast bar can do.
What is the yearly revenue of a typical US gas station, fuel and store together?
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- A station with a convenience store, open every day?
- Revenue, not profit?
One way in: gallons of fuel sold per day × price per gallon + in-store sales per day × days per year
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Fuel plus store: 2,500 gallons of fuel sold per day × $3.3 price per gallon + $2,500 in-store sales per day × 365 days per year = $3.92 million
From visits: 300 visits per day (fuel, store or both) × $40 average spend per visit, fuel plus snacks × 365 days per year = $4.38 million
Say about $4.2 million in sales per year. Order of magnitude: about 107.
Tip: Most of a gas station's revenue is fuel, but most of its profit is the store. Say that out loud and you have your follow-up answered.
What is the yearly revenue of a 12-screen movie theater?
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- Tickets and the snack bar together?
- A suburban multiplex, not a downtown flagship?
- Is it the only multiplex within a 15-minute drive?
One way in: screens × showings per screen per day × seats per auditorium × share of seats filled, on average × days per year × spend per ticket: about $11 ticket plus $6 at the snack bar
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From the seats: 12 screens × 5 showings per screen per day × 200 seats per auditorium × 12% share of seats filled, on average × 365 days per year × $17 spend per ticket: about $11 ticket plus $6 at the snack bar = $8.94 million
From the moviegoers: 250,000 people living within a 15-minute drive × 2.4 movie visits per person per year × 75% share of those visits that come to this theater × $17 spend per ticket, ticket plus snacks = $7.65 million
The routes are 17% apart, so give a range: $7.7 million to $8.9 million in sales per year. Order of magnitude: about 107.
Tip: Capacity questions need a utilization number. Theaters sell far fewer seats than they have, and saying so shows you understand the business.
What is the yearly revenue of an express car wash?
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- One automated tunnel, open most days of the year?
- Do monthly memberships count, or single washes only?
One way in: cars washed per day × average price per wash × days open per year
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From cars a day: 300 cars washed per day × $13 average price per wash × 350 days open per year = $1.36 million
Members plus singles: 2,500 monthly members × $30 membership price per month × 12 months per year + $420,000 single-wash sales per year (100 a day at $12, 350 days) = $1.32 million
Say about $1.3 million in sales per year. Order of magnitude: about 106.
Tip: When a business sells subscriptions, size the members and the walk-ins separately. They behave differently and an interviewer will ask about both.
How many burgers does a typical fast-food burger restaurant sell in a day?
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- One restaurant with a drive-thru?
- Burgers only, not chicken sandwiches?
One way in: yearly sales of one fast-food burger restaurant ÷ days open per year ÷ average order × burgers per order (many orders are chicken, drinks or breakfast)
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From yearly sales: $1.8 million yearly sales of one fast-food burger restaurant ÷ 360 days open per year ÷ $10 average order × 0.8 burgers per order (many orders are chicken, drinks or breakfast) = 400
From the meal rushes: 200 orders at lunch (2 hours at 100 an hour) + 160 orders at dinner (2 hours at 80 an hour) + 150 orders in the other 10 open hours (15 an hour) × 0.8 burgers per order = 408
Say about 400 burgers a day. Order of magnitude: about 103.
Tip: Working back from yearly sales is a good second route whenever you can guess the revenue of one location.
What is the yearly revenue of a hair salon with 6 stylists?
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- Services only, or hair products sold at the desk too?
- Open six days a week?
One way in: stylists × clients per stylist per day × average ticket, cuts and color × days open per year
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From the chairs: 6 stylists × 6 clients per stylist per day × $60 average ticket, cuts and color × 290 days open per year = $626,400
From the client book: 1,500 regular clients × 6.5 visits per client per year × $60 average ticket = $585,000
Say about $610,000 in sales per year. Order of magnitude: about 106.
Tip: Supply (chairs and hours) and demand (the client book) should meet. If they don't, the salon is either turning people away or sitting idle.
What does one snack vending machine in an office building take in a year?
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- An office building with about 300 people, open on workdays only?
- Sales, before the building's commission?
One way in: items sold per day × average price × workdays per year
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From sales a day: 40 items sold per day × $2 average price × 250 workdays per year = $20,000
From the people: 300 people working in the building × 10% share who buy something on a given workday × 1.1 items per buyer × $2 average price × 250 workdays per year = $16,500
The routes are 21% apart, so give a range: $17,000 to $20,000 in sales per year. Order of magnitude: about 104.
Tip: Small numbers are guesstimates too. Saying '$17,000 to $20,000, so a vending route needs dozens of machines' is the kind of so-what interviewers look for.
What is the yearly revenue of a mid-size neighborhood gym?
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- Membership dues only, or personal training too?
- A mid-priced gym, not a $10 budget chain or a boutique studio?
One way in: members × monthly dues × months per year
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From the members: 2,500 members × $40 monthly dues × 12 months per year = $1.2 million
From the floor space: 20,000 square feet of gym × $55 yearly revenue per square foot = $1.1 million
Say about $1.2 million in sales per year. Order of magnitude: about 106.
Tip: Revenue per square foot is how retailers and landlords compare stores. It makes a quick second route for any business with a floor.
How much does a mid-size supermarket sell in a day?
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- A regular suburban supermarket, not a warehouse club?
- An average day across the week?
One way in: checkout transactions per day × average basket
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From the checkout: 1,700 checkout transactions per day × $40 average basket = $68,000
From the neighborhood: 25,000 households within a 10-minute drive × 12% share that use this store as their main store × $150 grocery spend per household per week ÷ 7 days per week = $64,286
Say about $66,000 in sales a day. Order of magnitude: about 105.
Tip: A store-level route (checkouts) and a customer-level route (households) are independent, which is what makes the second number worth having.
What does a 500-space downtown parking garage earn in a year?
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- Revenue, not profit?
- Monthly permits and daily parkers together?
One way in: spaces × share filled on an average day × average daily take per filled space (permits work out to about $12 a day, daily tickets more) × full-revenue days per year (weekends run quieter)
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From the spaces: 500 spaces × 72% share filled on an average day × $14 average daily take per filled space (permits work out to about $12 a day, daily tickets more) × 300 full-revenue days per year (weekends run quieter) = $1.51 million
Permits plus daily parkers: 300 monthly permit holders × $250 permit price per month × 12 months per year + $540,000 daily parkers per year at $25 (60 a day, 360 days) = $1.44 million
Say about $1.5 million in revenue per year. Order of magnitude: about 106.
Tip: Check the two routes against each other: 300 permits plus 60 daily cars is 360 filled spaces, the same 72% the first route assumes. Mixed customers (permits and daily) are a hint to split the route. The split also tells you where the growth would come from.
The 33 market sizing questions in the generator are answered on market sizing practice, each with a 5-minute timer. More estimates with full walkthroughs: golf balls in a 747, windows in New York City and gas stations in the US.
Keep estimating, then say it out loud
Practice market sizing on a timer, drill the math, or answer to the AI interviewer.
Market sizing practice
33 market sizing questions with a 5-minute timer, a notes box and a worked answer both ways.
How to sanity-check an estimate
The per-person check and the second route, the two moves that make a guesstimate believable.
Market sizing calculator
Build one market both ways, change any assumption and see what the gap between the routes means.
Brain teaser trainer
Timed math and probability puzzles from banking and consulting interviews, with full answers.
Case math drills
Timed percentages, growth and big-number multiplication, the arithmetic every guesstimate rests on.
Market sizing interview questions
Twenty worked examples with every number shown and a cheat sheet of the populations to know.
Frequently Asked Questions
Everything you need to know about Soreno, answered in one place.
Sources
- US Energy Information Administration: How much gasoline does the United States consume?
- Federal Aviation Administration: Air Traffic by the Numbers
- CDC National Center for Health Statistics: Births and Natality
- CDC National Center for Health Statistics: Life Expectancy
- Mehl and others (2007), Science: Are women really more talkative than men?
The questions, the assumptions and the worked answers are ours. The real figures and the FAA flight count are as each source publishes them.
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