Can some one tell me how to use formula in the monthly contribution field to calculate 7% of pay (salary)
Lenght of Total pay Monthly contribution cummulative
Service retirement value
3.6 $528.94
Please one more thing. How do i use FV Function, monthly contribution, and the lenght of service field to to determine the current value of the employees retirement palan.
Please help me
not very clear what fields things are could you attach a snippet in excel indicating what you'd expect? but 7% is pay/100 times 7 so
=(A1/100*7) should do it where a1 is the cell with salary in it
Hi
Thanks for replying me. I have attached my worksheet project so that you can help me take a look and tell me what to do.
Thank you
Thank you i just did it the way you said and i got the answer. But i need one more favour.
How do i use the FV function, Monthly contribution, and the lenght of service field to to determine the current value of the employees retirement plan.
A1 3.6 Lenght of service, A2 $37.03 monthly contribution, A3----------- Cummulative retirement value
How do i calculate it please.
is 3.6 3.6 years or 3 years 6 months?
Oh its 3years and 6months.
Thank you
Your worksheet did not attach. It must be zipped and less than 100K.
Edit: If 3.6 is 3 yrs, 6 mos, how is 3 yrs 10 mos encoded? it can't be 3.10 unless it's stored as text; otherwise it's the same as 3.1.
Perhaps it should be encoded in the more standard way of 3.01, 3.02, ... 3.12?
Last edited by shg; 10-28-2007 at 05:08 PM.
Yes i tried to attach it but it said invalid so i stop. But now i copied the whole thing to word document and i have attach it,
Its encoded because our instructor asked us to use a formula which is something like this, =($A2$-B2/365.25). We used that formula to calculate the length of years the person have worked.
If that's the case, then 3.6 years is 3 years, 7.2 months, not 3 yrs 6 mos.=($A2$-B2/365.25) ...to calculate the length of years the person have worked.
Edit: How does what you posted relate to your question about pensions?
To compute the future value of a pension:
A1 = interest rate per period (e.g., 8%/yr = 8%/12 per month)
A2 = time in service = 3.6 years
A3 = monthly contribution = $37.03
A4 = Present Value (= 0 if no contributions yet)
A5 = 0 (payments made at end of period)
Then Future Value = FV(A1, INT(A2*12), -A3, A4, A5) = $1,836.95
Last edited by shg; 10-28-2007 at 05:37 PM.
ok thank you
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