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If you were a financial planner, what are some Excel functions that you might use or need?
In your financial planning worksheet, when might you use conditional formatting?
If you were a financial planner, what are some Excel functions that you might use or need?
Excel has a huge range of capabilities and there are so many
formulas that can be created, that it would be impossible to list them.
Financial planners would mainly use formulas for forecasting to see what is
likely to happen based on spending or investments compared to income expected.
There are many, many financial functions available for them to use. They would
also look at trends and try to anticipate what is likely to happen. They would
then try different combinations of possibilities to see what the outcomes might
be. One Excel formula that you might use or need if you were a financial
planner is if you were building a budgeting worksheet and wanted to calculate
the total of a handful of values.You could total the budgeted expenses by
entering a formula such as =500+50+500+2000+250 into a particular cellsay
cell C7.SUM, AVERAGE, IF, HYPERLINK, COUNT, MAX, SIN, SUMIF, and STDEV.
SUM adds all the numbers in a range of cells.
AVERAGE Returns the average of its argument, which can be numbers or names, arrays,
or references that contain numbers.
IF Checks whether a condition is met and returns one value if TRUE and another
value if FALSE.
HYPERLINK Creates a shortcut or jump that opens a document stored on your hard
drive, a network server, or on the Internet.
COUNT Counts the number of cells in a range that contain numbers.
MAX Returns the largest value in a set of values. Ignores logical values and
text.
SIN Returns the sine of an angle.
SUMIF Adds the specified by a given condition or criteria.
PMT Calculates the payment for a loan on constant payments and a constant
rate.
STDEV Estimates standard based on a sample (ignores logical values and text in
the sample).
Some Excel formulas a financial planner would use include: FV  Returns the
future value of an investment; NPER  Returns the number of periods for an
investment; PMT  Returns the periodic payment for an annuity; RATE  Returns
the interest rate per period of an annuity.
In your financial planning worksheet, when might you use conditional formatting?
For example, lets say you want to draw attention to
a value that exceeds or is less than a set value or range. So if a cells value
is a negative value you would use conditional formatting to evaluate the number
and if it's negative, change the color to red or positive green.
Another example would be to evaluate a range of cells and highlight duplicate
values.
Just to clarify, this command is strictly for changing the format of cells, for
continued computations based on a cells value use other commands like IF.
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