Still celebrating National IT Professionals Day with 3 months of free Premium Membership. Use Code ITDAY17

x
?
Solved

Excel 2007 Using Goal Seek To Determine New Rate

Posted on 2010-11-17
2
Medium Priority
?
451 Views
Last Modified: 2012-05-10
Hello,

Please see the attached example.  I apologize for how the data is located but I tried to keep everything on the same rows as the actual spreadsheet.

I would like to know if goal seek can be used with a payment formula in order to take the guess work on adjusting a rate to equal a particular amount.  As it stands, in order to make the calculation result equal the amount required, we are having to enter multiple random rate percentages.  Im hoping someone will have suggestions on how to take the guess work out and thought goal seek might be a solution but I can seem to wrap my head around it with this existing format.

What Im hoping to obtain is some instructions on how to use goal seek in the attached file so that if we want the amount in E74 to equal $1,880.00 goal seek will automatically change the rate amount in cell E64 to 4.55%.

Thanks!
0
Comment
Question by:Escanaba
[X]
Welcome to Experts Exchange

Add your voice to the tech community where 5M+ people just like you are talking about what matters.

  • Help others & share knowledge
  • Earn cash & points
  • Learn & ask questions
2 Comments
 
LVL 1

Author Comment

by:Escanaba
ID: 34155763
0
 
LVL 93

Accepted Solution

by:
Patrick Matthews earned 2000 total points
ID: 34155902
Yes, Goal Seek will do this readily.

1) Select Data / Data Tools / What If / Goal Seek from the ribbon

2) In Goal Seek, set e74 to value 1880 by changing cell e64

3) Result is 4.55%
0

Featured Post

Free Tool: IP Lookup

Get more info about an IP address or domain name, such as organization, abuse contacts and geolocation.

One of a set of tools we are providing to everyone as a way of saying thank you for being a part of the community.

Question has a verified solution.

If you are experiencing a similar issue, please ask a related question

If you need to start windows update installation remotely or as a scheduled task you will find this very helpful.
This article describes a serious pitfall that can happen when deleting shapes using VBA.
The viewer will learn how to create a normally distributed random variable in Excel, use a normal distribution to simulate the return on an investment over a period of years, Create a Monte Carlo simulation using a normal random variable, and calcul…
The viewer will learn how to create two correlated normally distributed random variables in Excel, use a normal distribution to simulate the return on different levels of investment in each of the two funds over a period of ten years, and, create a …

715 members asked questions and received personalized solutions in the past 7 days.

Join the community of 500,000 technology professionals and ask your questions.

Join & Ask a Question