Any MS Excel Gurus in the house? Need a financial formula or function

[Erik Tracy]

Is there an Excel Doctor in the house??

I need a formula in Excel that can calculate the remaining balance on a savings account.

The inputs would be:
* The current balance
* Monthly withdrawal amounts (same date every month)
* Number of months to make the withdrawals
* Earnings on the account during the withdrawal period (as an annual return)

The output would be what is left in the savings account after the withdrawals, but accounts for earnings on the balance during the drawdown period.

There are lots of links on the internet for 'drawdown calculators' that do exactly this - but I'd like to automate this in Excel.

Any thoughts?

Thanks!

[EndersShadow]

Is there an Excel Doctor in the house??

I need a formula in Excel that can calculate the remaining balance on a savings account.

Only formula you need is this: Savings Account + Club Polk = No Savings Account....


Sorry, I couldnt help it .

Hopefully someone will be around to really help you in a bit...

[kn505]

Use the FV function. For example,

=FV(2%/12, 24, 500, -10000)

That is 2% annual rate (divided by 12 months because of your monthly withdraws), 24 withdraws at $500 each, and the initial balance of $10,000.

(the above example also assumes that the monthly withdraws are at the end of the month)

[Erik Tracy]

Thanks - I'll give that a try!

[Erik Tracy]

Works great!

Thanks!