Excel Formula Practice

You are 18 years old and you are moving out on your own. A mysterious benefactor has agreed to pay all of your living expenses except for rent as long as you have a job.

More good news- minimum wage will increase over the next three years so you will make a little more money each year.
Some bad news- rents will increase as well.

You want to live in San Francisco where the 2006 average rent for a studio apartment is $1209.00. You will use Excel to figure out if you can afford to live there on your minimum wage salary.

1. Open a blank Excel spreadsheet.

2. In cell A1 type your name and today's date.

3. In cell B2 type 2006, C2 type 2007 and in cell D2 type 2008.

4. Starting in cell A3 type "hourly wages" without the quotation marks. Enter the rest of these row headings in column A.
hours worked per month
monthly salary
income tax
monthly salary after taxes
average rent
savings

Now the formulas -for help you should refer to your formulas handout. When you create your formulas you use the cell references (=C3+D3) and not the actual numbers.

5. Enter 6.75 in cell B3. In cell C3 use a formula to add 50 cents to this amount.

6. In cell D3 use a formula to add 75 cents to the amount in cell C3.

6. Enter 160 for hours worked per month in each of the three years (row 4).

7. In cell B5 use a formula to multiply hourly salary times hours worked worked per month. Do the same for 2007 and 2008.

8. In cell B6 multiply the number in cell B5 times .15 (point 15). Do the same for 2007 and 2008.

9. In cell B7 subtract the number in cell B6 from the number in cell B5. Do the same for 2007 and 2008.

10. In cell B8 enter 1209. In cell C8 enter 1320. In cell D8 enter 1452. This is your rent for each year.

11. In cell B9 subtract average rent from monthly salary after taxes. Do the same for 2007 and 2008. This is how much money you can save each month.

12. For each year increase the number of hours worked per month until you have at least 100 dollars in the savings row.

PRINT OUT:

1. Your spreadsheet in portrait showing grid lines and row and column headings.

2. Your spreadsheet, WITH FORMULAS, showing and row and column headings.