Any MS Excel Gurus in the house? Need a financial formula or function
Erik Tracy
Posts: 4,673
Is there an Excel Doctor in the house?? :cheesygrin:
I need a formula in Excel that can calculate the remaining balance on a savings account.
The inputs would be:
* The current balance
* Monthly withdrawal amounts (same date every month)
* Number of months to make the withdrawals
* Earnings on the account during the withdrawal period (as an annual return)
The output would be what is left in the savings account after the withdrawals, but accounts for earnings on the balance during the drawdown period.
There are lots of links on the internet for 'drawdown calculators' that do exactly this - but I'd like to automate this in Excel.
Any thoughts?
Thanks!
I need a formula in Excel that can calculate the remaining balance on a savings account.
The inputs would be:
* The current balance
* Monthly withdrawal amounts (same date every month)
* Number of months to make the withdrawals
* Earnings on the account during the withdrawal period (as an annual return)
The output would be what is left in the savings account after the withdrawals, but accounts for earnings on the balance during the drawdown period.
There are lots of links on the internet for 'drawdown calculators' that do exactly this - but I'd like to automate this in Excel.
Any thoughts?
Thanks!
H9: If you don't trust what you are hearing, then maybe you need to be less invested in a hobby which all the pleasure comes from listening to music.
Post edited by Erik Tracy on
Comments
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Erik Tracy wrote: »Is there an Excel Doctor in the house?? :cheesygrin:
I need a formula in Excel that can calculate the remaining balance on a savings account.
Only formula you need is this: Savings Account + Club Polk = No Savings Account....
Sorry, I couldnt help it :biggrin:.
Hopefully someone will be around to really help you in a bit..."....not everything that can be counted counts, and not everything that counts can be counted." William Bruce Cameron, Informal Sociology: A Casual Introduction to Sociological Thinking (1963) -
Use the FV function. For example,
=FV(2%/12, 24, 500, -10000)
That is 2% annual rate (divided by 12 months because of your monthly withdraws), 24 withdraws at $500 each, and the initial balance of $10,000.
(the above example also assumes that the monthly withdraws are at the end of the month) -
Thanks - I'll give that a try!
H9: If you don't trust what you are hearing, then maybe you need to be less invested in a hobby which all the pleasure comes from listening to music. -
Works great!
Thanks!
H9: If you don't trust what you are hearing, then maybe you need to be less invested in a hobby which all the pleasure comes from listening to music.
