Question
I need assistance with #13 & 14 on this list. I've completed steps #1-12. One instruction #13 it asks me to use the What If
I need assistance with #13 & 14 on this list. I've completed steps #1-12.
One instruction #13 it asks me to use the What If Analysis to change Anita's income to reflect the ability to save $15,000 in savings. I was able to make this calculation utilizing goal seek, but the formula is changing cell B6 rather than entering the new monthly salary in cell I6.
Originally, I was simply typing the new salary in cell I6 then reverting the original data back in cell B6 which essentially removes the Goal Seek. Is this correct? Or should I be leaving the updated formulas in the cell B6 and E6?
- Open theMatkowskiworkbook.Select the following link to access theMatkowskiworkbook:MatkowskiWorkbook[XLS file size 13.2 KB] There are two worksheets. The first is labeled "Documentation" and the second is labeled "Budget." Save the workbook asMatkowski_Budget.xlsx.
- In cells B3 and B4 of theDocumentationsheet, enter your name and the date.
- Go to theBudgetworksheet. In cell B7, calculate the couple's total monthly income.
- In row 23, useAutoFillto replace the numbers 1 through 12 with the month abbreviationsJanthroughDec.
- In rows 24 and 25, enter the couple's monthly income in each cell by referencing the monthly income estimates in cells B5 and B6. Use an absolute cell reference.
- In row 26, calculate the couple's monthly income.
- In row 37, enter formulas to calculate the total estimated expenses for each month.
- In row 38, calculate each month's net cash flow, which is equal to the total income minus the total expenses.
- In row 39, calculate the running total value of the net cash flow so that Anita and Lukas can see how their net cash flow changes as the year progresses. In the first month, the running total value is equal to the net cash flow value. For the remaining months, the running total is equal to the previous month's running total plus the current month's net cash flow value.
- In the range B10:B19, calculate the average monthly expense for each line item based on the values in rows 27 through 36.
- In cell B20, calculate the total of the average monthly expenses.
- The couple currently has $7,350 in their savings account. Each month, the couple will take money out of their savings account or deposit money into their savings account. In row 41, calculate the end-of-month balance in their savings account. In the first month, the end-of-month balance is calculated by adding the value in cell E5 to the Net Cash Flow value in row 38. For the remaining months, the end-of-month balance in their savings account is equal to the previous month's end-of-month balance plus the current month's Net Cash Flow value.
- In cell E6, enter a formula to display the value of the savings balance at the end of December.
- Lukas and Anita would like to have $15,000 in their savings account by the end of the year. Anita is planning to ask for a raise at her job. Determine the new value of Anita's monthly salary that will achieve a final savings balance of $15,000 (Hint: Use the what-If analysis).
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