Help with a formula
Please can someone help with this formula.
I have a sum in my bank account say £100,000 and each year i take £17,000 out and get 5% interest on the remaining amount. Can anyone point me in the direction of a formula which will give me the resulting figure for any chosen year, i have tried the financial functions fv, pv, pmt, ppmt etc,. If the answer is any of these, please can you help me work out exactly what to put as i am having trouble. |
Help with a formula
=(100000-17000)*1.05
-- A hint to posters: Specific, detailed questions are more likely to be answered than questions that provide no detail about your problem. "Emma Hope" wrote: Please can someone help with this formula. I have a sum in my bank account say £100,000 and each year i take £17,000 out and get 5% interest on the remaining amount. Can anyone point me in the direction of a formula which will give me the resulting figure for any chosen year, i have tried the financial functions fv, pv, pmt, ppmt etc,. If the answer is any of these, please can you help me work out exactly what to put as i am having trouble. |
Help with a formula
This does not give the answer for any given year, for example, i want the
answer for year 9 without having to create either a long formula or a table of answers i believe the 'financial formula' should cover this but i can't figure out the american terminology such as 'principle' etc "Dave F" wrote: =(100000-17000)*1.05 -- A hint to posters: Specific, detailed questions are more likely to be answered than questions that provide no detail about your problem. "Emma Hope" wrote: Please can someone help with this formula. I have a sum in my bank account say £100,000 and each year i take £17,000 out and get 5% interest on the remaining amount. Can anyone point me in the direction of a formula which will give me the resulting figure for any chosen year, i have tried the financial functions fv, pv, pmt, ppmt etc,. If the answer is any of these, please can you help me work out exactly what to put as i am having trouble. |
Help with a formula
On 1 Mar, 16:04, Emma Hope wrote:
This does not give the answer for any given year, for example, i want the answer for year 9 without having to create either a long formula or a table of answers i believe the 'financial formula' should cover this but i can't figure out the american terminology such as 'principle' etc "Dave F" wrote: =(100000-17000)*1.05 -- A hint to posters: Specific, detailed questions are more likely to be answered than questions that provide no detail about your problem. "Emma Hope" wrote: Please can someone help with this formula. I have a sum in my bank account say £100,000 and each year i take £17,000 out and get 5% interest on the remaining amount. Can anyone point me in the direction of a formula which will give me the resulting figure for any chosen year, i have tried the financial functions fv, pv, pmt, ppmt etc,. If the answer is any of these, please can you help me work out exactly what to put as i am having trouble. There's no way to do something like that without a table of some sort as far as I know. But you could make one simply enough. If you call the amount within the account cell A1, the amount you are removing cell B1, then all you would need to do is create a formula that said something like (A1-B1)*105 in cell C1 as Dave said. Then select the whole of column C (or as much as you need) and go EditFillDown and the formula will be copied down that column relating to each individual row, then you can see at a glance year by year as you requested. |
Help with a formula
As i said, i'm convinced there is a financial formula that will do this,
something in the PV, FV, PMT type category.... I don't want a series of formulae or a table, i appreciate you answering the question but i'm asking about is a complex excel formula, not how to auto fill a formula which is far from complex...... " wrote: On 1 Mar, 16:04, Emma Hope wrote: This does not give the answer for any given year, for example, i want the answer for year 9 without having to create either a long formula or a table of answers i believe the 'financial formula' should cover this but i can't figure out the american terminology such as 'principle' etc "Dave F" wrote: =(100000-17000)*1.05 -- A hint to posters: Specific, detailed questions are more likely to be answered than questions that provide no detail about your problem. "Emma Hope" wrote: Please can someone help with this formula. I have a sum in my bank account say £100,000 and each year i take £17,000 out and get 5% interest on the remaining amount. Can anyone point me in the direction of a formula which will give me the resulting figure for any chosen year, i have tried the financial functions fv, pv, pmt, ppmt etc,. If the answer is any of these, please can you help me work out exactly what to put as i am having trouble. There's no way to do something like that without a table of some sort as far as I know. But you could make one simply enough. If you call the amount within the account cell A1, the amount you are removing cell B1, then all you would need to do is create a formula that said something like (A1-B1)*105 in cell C1 as Dave said. Then select the whole of column C (or as much as you need) and go EditFillDown and the formula will be copied down that column relating to each individual row, then you can see at a glance year by year as you requested. |
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