REINHARDT CIS 300 FINAL REVIEW

By: Mike Benedetto

DATE AND TIME FUNCTIONS

• What is the formula to determine the number of days until Independence Day (July 4th) of 2020?

• John was born on January 5, 1989. What is the formula to determine how many years old John is?

ANSWERS

• =DATE(2020,7,4) - TODAY()

• =YEARFRAC(DATE(1989,1,5),TODAY())

DATE AND TIME FUNCTION

• What day of the week did the date represented serial number 12345 in a given worksheet? 

• What is the date that is 999 days after September 19th of the year 1999? 

• What is the number of days that Franklin D. Roosevelt served as President of the United States?  Hint: FDR was inaugurated on March 4, 1933 and then died in office on April 12, 1945.?

• Which undocumented function should be used to return an integer value to determine the age of any person given their birth date?

ANSWERS

• Wednesday

• 6/14/2002

• 4422

• DATEDIF

DATE AND TIME FUNCTION

• In the worksheet below, cell B2 contains the date January 1, 2008. What is the formula to determine the number of days that have passed since January 1, 2008?

A B

1/1/2008

ANSWER

• =TODAY() - B2

FINANCE

• A recent College of Business graduate landed an amazing job right out of college and allows her to save $2,000 per month because she is a bit more frugal than her boyfriend who tends to foolishly spend his money.  She does not have any savings right now because she has had to pay for college.  However, her goal is to have saved one million dollars ($1,000,000) by the end of ten (10) years at a rate of 0.8% on her money each month.

1. Write a formula that will calculate how much money she should use as an opening deposit for a savings account now to help her reach her goal?

2. What is the value of your formula's result in Part A?

ANSWERS

• =PV(0.8% * 12 * 10, 10, -2000, 1000000, 0)

• $885.65

FINANCE

• Enter a formula to determine how much money you will have in your IRA investment account 40 years from now if you deposit $2,000 today and gains interest at a rate of 6% annually.

• Enter a formula to determine the amount of money you would need to accumulate to be able to retire for the rest of your life on $70,000 per year if your money earns 8% per year and you expect to live for another 45 years.

ANSWERS

• =FV(6%, 40, 0, -2000,0)

• =PV(8%, 45, -70000)

FINANCE

• You recently won a $250,000 prize in one of the Kentucky Lottery Scratch-Off games.  You decide to invest the money in a safe investment that earns 8% per year for the next 20 years while you continue to work.  At the end of each year for the next 20 years, you withdraw $15,000 from the investment to spend on yourself and your family.  Using the information answer the following:

1. Write a formula that will calculate the amount of money you will have at the end of 20 years given the conditions above.

2. What is the amount of money you calculated for Part A?

ANSWERS

1. =FV(8%, 20, 15000, -250000, 0)

2. $478,809.82

FINANCE

1. Enter a formula to determine the monthly interest rate you are paying to Joe the Shark if you borrow $6,000 today and pay back $500 each month for 23 months and then pay back $6,000 two years from now.

2. Enter a formula to determine the monthly payment on a 20-year fixed rate residential mortgage with an initial balance of $190,000 at 6.5% per year.

3. Enter a formula to determine the number of months a new company could last if it raised $4,500,000 and had a burn rate (spending rate) of $75,000 per month, assuming it kept its cash in an account earning 6% per year.

ANSWERS

1. =RATE(24, -500, 6000, -6000, 0)

2. =PMT(6.5%/12, 20*12, -190000, 0, 0)

3. =NPER(6%/12, 75000, -4500000, 0, 0)

BREAKING DOWN FUNCTIONS

1. How many total cells are included in the following formula, including all of the arrays (or cell ranges) that are being referenced:

2. How many commas are contained within a single function that has seven arguments within the set of accompanying parenthesis?

ANSWERS

1. =MIN(COUNT(A7:F8),MAX(B4:C6,O1),SUM(B9:D9))

2. 6

VLOOKUP

At the Louisville Resort Camp, each child is assigned to a specific group based on age according to the Group Table shown in the worksheet above. For example, children ages 2 or 3 years old are assigned to the Jaguar Group; children who are at least 6 years but no older than 9 years old are assigned to the Tigers group. However, teenagers (i.e., children 13 years and older) are not assigned to a group; instead, they are assigned to "None".

Which of the following formulas, when entered into cell D12, will determine the correct group to assign each child?  (Note: Your formula will need to work properly when copied down though cell D20.)

ANSWER

• =VLOOKUP($C12, $B$4:$D$8, 3)

HLOOKUP AND VLOOKUP

DeepSix Legal Services has offices in Chicago, Louisville, and Nashville. In the worksheet above the Employee List lists the employees, their office locations, and their job titles. In addition, the Bonus Lookup Table shows that the annual bonus awarded to an employee is based on the location and the job title of the employee. For example, each Manager in Chicago gets a bonus of $10,000, each Staff employee in Louisville gets a bonus of $5,000, and each Clerical employee in Nashville gets a bonus of $2,000.

1. What VLOOKUP formula may be entered in cell E10 to determine the bonus for Allisa, the first employee listed in the Employee List? (Note: Your formula will need to work properly for all other employees when copied down though cell E24.)

2. What HLOOKUP formula may be entered in cell E10 to determine the bonus for Allisa, the first employee listed in the Employee List? (Note: Your formula will need to work properly for all other employees when copied down though cell E24.)

ANSWERS

1.=VLOOKUP(C10, $B$4:$E$6, IF(D10="Manager", 2, IF(D10="Staff", 3, 4)), FALSE)

2.=HLOOKUP(D10,$C$3:$E$6,IF(C10="Chicago”,2,IF(C10="Louisville”,3,4)),FALSE)

COUNTIF FUNCTION

• The first row and column in the worksheet refer to worksheet column and row labels, respectively. The worksheet shows the annual salaries for several employees in a company. Provide responses for the following three questions

1. Using mixed cell references only, what is the formula to determine the total number of employees who earn more than $55,000 in annual salary?

2. Using absolute cell references only, what is the formula to determine the sum of the salaries of employees who earn above the average annual salary for this group of employees?

3. Using relative cell references only, what is the formula to determine the average salary of all employees who earn less than $45,000?

ANSWERS

1. =COUNTIF($C4:$C14, ">55000")

2. =SUMIF($C$4:$C$14, ">" & AVERAGE($C$4:$C$14))

3. =AVERAGEIF(C4:C14, "<45000")

ROUND FUNCTIONS

• Provide a formula in each of the answer spaces below that will satisfy the following three conditions, respectively. Do not use any cell references.  (1 point each)

1. Round a water bill calculation that results in the value 42.7357 to the nearest penny.

2. Round the value 65.18% to the number 0.652 precisely.

ANSWERS

1. =ROUND(42.7357, 2)

2. =ROUND(65.18%, 3)

MATH

1. A local tire store is offering 20% off on a set of four radial tires that cost $125 each (including balancing, installation, and disposal fee). Provide a formula in the answer space below to calculate the total amount that the customer will have to pay for a set of these new tires, including a sales tax of 6% on the sub-total.

2. How many unique cells are included in the array (or range) that is being referenced in the following formula? =SUM(B19:F24,D4,A3:B11,K9)

ANSWER

1. =4*125*0.85+4*125*0.8*6%

2. 50

ROUND AND MEDIAN FUNCTIONS

1. Using mixed cell references only, what formula containing one unique function should be used in cell A16 to determine the middle value of prices for all homes listed?

2. Using absolute cell references only, what formula containing one unique function should be used in cell A17 to round the result in cell A16 to the nearest thousand dollars?

ANSWERS

1.=MEDIAN($A3:$A15)

2.=ROUND($A$16, -3)

FINANCE

1. Enter a formula to determine how much money you will have in your IRA investment account 40 years from now if you deposit $2,000 today and gains interest at a rate of 6% annually.

2. Enter a formula to determine the amount of money you would need to accumulate to be able to retire for the rest of your life on $70,000 per year if your money earns 8% per year and you expect to live for another 45 years.

3. Enter a formula to determine the monthly interest rate you are paying to your kind professor if you borrow $6,000 today and pay back $350 each month for 23 months and then pay back $6,000 two years from now.

4. Enter a formula to determine the monthly payment on a 20-year fixed rate residential mortgage with an initial balance of $190,000 at 6.5% per year.

ANSWERS1. =FV(6%, 40, 0, -2000,0)

2. =PV(8%, 45, -70000)

3. =RATE(24, -350, 6000, -6000, 0)

4. =PMT(6.5%/12, 20*12, -190000, 0, 0)

Determine what value will result. =VLOOKUP(42, $B$3:$G$20, 3, FALSE)

ANSWER

• 44

LOOKUP FUNCTIONS• What formula should be entered in cell D4 to assign a letter grade to Adams using a LOOKUP

function?

ANSWER

• =VLOOKUP(C4, $F$4:$G$8, 2)

LOOKUP FUNCTIONSDetermine what value will result. =HLOOKUP(SMALL(C9:D10,3), $B$3:$G$27, 3, FALSE)

ANSWER

• 18

LOOKUP FUNCTIONS• The Price Table in the accompanying worksheet image lists the unit price of four (4)

items sold by a company. What formula should be entered in cell C7 to determine the unit price of any item entered in cell C6?

ANSWER

• =HLOOKUP(C6, C10:F11, 2, FALSE)

COUNTIF FUNCTIONS1. How many homes located in Issaquah have at least 2 bedrooms but no garage?

2. What is the total listing prices for all homes located in Bellevue that have at least 3 bedrooms?

3. What is the average price of homes located in Issaquah that are priced over $300,000?

ANSWERS

1.=COUNTIFS(C2:C7, "Issaquah", D2:D7, ">=2", E2:E7, "No")

2.=SUMIFS(B2:B7, C2:C7, "Bellevue", D2:D7, ">=3")

3.=AVERAGEIFS(B2:B7, C2:C7, "Issaquah", B2:B7, ">300000")

• Using relative cell references only, what formula could be used to determine the corresponding company name for that symbol based on information provided in the accompanying data table, which was created from the Business Case Study?

ANSWER

• =INDEX(B2:B11, MATCH(H1, C2:C11), 1)

• What is the result of the function?

• =AVERAGE(AVERAGE(1, 3, 5, 7, 9), AVERAGE(2^5, 5*6, 220/4))

ANSWER

• 22

IF FUNCTION• If cell A1 contains the number of checked bags, provide a formula using only the cell

references in the accompanying table that will correctly determine any baggage handling fee(s) that passengers must pay for their luggage.

ANSWER

• =IF(A1=B4, C4, IF(A1=B5, C4+C5, C3))