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A back-of-the-envelope calculation is a rough calculation, typically jotted down on any available scrap of paper such as an envelope. It is more than a guess but less than an accurate calculation or mathematical proof. The defining characteristic of back-of-the-envelope calculations is the use of simplified assumptions.
A similar phrase in the U.S. is "back of a napkin", also used in the business world to describe sketching out a quick, rough idea of a business or product. In British English, a similar idiom is "back of a fag packet".