WARWICK, England (CNN) -- A mathematical formula calculated by a British university professor has found that time actually is money.

According to the equation, the average British minute is worth just over 10 pence (15 cents) to men and eight pence (12 cents) to women.

The formula is: V=(W((100-t)/100))/C, where V is the value of an hour, W is a person's hourly wage, t is the tax rate and C is the local cost of living.

Time is money, professor proves