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Questions:
1. If I start with the amount of $10,000.00 and with an annual interest of 8% ,
how much interest will I compound over 10 years?
2. My investment plan is as follows. Monthly deposit $900.00, annual interest
rate 5%, time 15 years, how much will my investment be worth?
3. I
have a credit card with a balance of $5,000.00, annual interest rate is 10% and
my monthly payment is $100.00, how long will it take to pay off my credit card?
4.
How can I get the annual interest rate on a lump sum invested for 1 year using
the RATE function if the investment is $10,000.00, and final value is
$10,950.00?
5. Is there a function that can forecast the time it will take to process 40000
items as in the example below?
Time Records Processed
00:01:40 400
00:04:00 1800
00:30:00 4100
? 40000
6. I have 2 columns with dates in column A and values in column B, how can I get
the median value for dates occurring in November 2005
Answers:
1. Answer: Total interest compounded over 10 years would be $11,589.25
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2. Answer: My investment plan will return $240,560.05 over 15 years.
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3. Answer: It will take over 64 months to pay off $5,000.00.
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4. Answer: The annual rate is 10%.
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5. Answer: Yes, the forecast function shows us it will take approx. 315 minutes
and 47 seconds.
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6. Answer: Use MEDIAN with an IF function, a so called array formula, note the
curly brackets, this can be done by entering the formula with ctrl + shift &
enter instead of just enter, the same technique can be used for other functions.
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