Iterative Calculation

After more than 24 hours, I will venture a suggestion. I have not taken the time to fully reverse engineer your spreadsheet/calculation, neither am I an accountant of any kind. However, what I usually see with "circular references" in accounting is that the circular reference is a result of someone not spending enough time with the algebra behind the problem. It seems that most accounting questions like this are most easily solved by working through the algebra to eliminate the circular reference. It will often end up being something like x=a+bx, which can easily be solved for x. If you need an algebra refresher, you might review something like this (http://www.purplemath.com/modules/solvelin.htm page 3, in particular has examples when x is on both sides of the equation). Once you have worked through the algebra, then you will be in a better position to program the spreadsheet formulas to get the desired result.