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Microsoft Office Excel 2007 Using Range Names

Microsoft Excel: Taking Formulas Further

Excel allows you to name a cell or a group of cells. When you use the names in formulas, the formulas appear simpler and easier to understand its the difference between =SUM(C47:M58) and =SUM(Expenses). Using names also makes it easy to locate and select the named cells. To name a cell or cells: 1. Select the cell(s) you want to name. 2. Then either a. Click in the Name Box to the left of the Formula Bar. Type the name and press Enter or b. Click to view the Formula Ribbon. Click the Define Name button in the Defined Names group and choose Define Name from the menu. Type the name in the New Name box. This method allows you to add comments and to set the scope of the name (see below) To substitute a name for cell references in existing formulas, use Apply Name. Click the Define Name button as above, but choose Apply Name from the menu. On the Apply Name box, select the desired name(s) and click OK. Excel will search for any formulas that refer to the named cells and change those cell references to the name. Properties and Uses of Names Names can contain letters, numbers, periods, and underscore characters but not spaces. Names have scope. The scope of a name refers to the portion of the workbook the name applies to. By default, a names scope is the entire workbook but you can restrict the scope to a particular worksheet. Names must be unique within their scope; in other words, you cannot have two identical names with the same scope. Select a range quickly by clicking the Name Box dropdown arrow and clicking the range name you want. Names can be used in formulas and functions. Just type the name where you would ordinarily type a cell reference. Shortcut: When you are entering formulas, range names appear in the Autocomplete list. Double click the name to insert it in the formula. Names always provide an absolute reference: they dont change when you copy and paste the formula. Use the Name Manager button to see all names defined in the workbook, including their scope and comments, or to edit and delete names.

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Microsoft Office Excel 2007 Use cells from various sheets in formulas or functions

Microsoft Excel: Taking Formulas Further

Begin the formula or function by typing the equal sign (=) as usual. To insert a cell reference from a different sheet, click the tab of the desired sheet and click to select the desired cell (or drag to select a range). Continue the formula as usual. Use 3-D references in formulas or functions 3-D cell references pull data from a stack of worksheets (for example, to average cell B3 on Sheets 1-5 in a workbook). Begin the formula or function by typing the equal sign (=) as usual. To insert a 3-D cell reference, group the worksheets containing the data (see instructions above) and click to select the desired cell (or drag to select a range). Continue the formula as usual. TODAY function Shows the current system date. Syntax: =TODAY( ) NOW function Shows the current system date and time. Syntax: =NOW( ) Financial Functions: Terms rate=interest rate. Must be in the same time units pv=present value. Same as the principal of the as payments, so if payments are monthly, loan. divide rate by 12. nper=number of payments over the term or loan fv=future value of loan (usually zero) or period. investment (at end of the term). pmt=amount of the (usually monthly) payment. type=0 if payments are due at the end of the Should be negative for money you are paying period,1 if they are due at the beginning of the out (loan payment, amount to a savings acct or period. Optional. investment). PMT function Calculates monthly payments for a loan based on a fixed interest rate. Convert all date-related information to use the same units (months or years). Syntax: =PMT(rate,nper,pv,fv,type) FV function Calculates the future value of a loan or investment based on a fixed interest rate. Convert all date-related information to use the same units (months or years). Syntax: =FV(rate,nper,pmt,pv,type) IF function (Logical) Returns one of two results based on a comparison/logical test. If the test is true, one answer is given; if it is false, the other is given. IF functions may be nested. Syntax: =IF(logical_test,value_if_true,value_if_false) Page 2 of 6

Microsoft Office Excel 2007 Troubleshoot formulas and functions with Auditing tools View the Data Ribbon and locate the Formula Auditing group:

Microsoft Excel: Taking Formulas Further

Click a cell containing a formula or function, then click the Trace Precedents button to see which cells feed into the formula or function. Click any cell, then click the Trace Dependents button to see if any formulas use data from this cell. Click the Remove Arrows button to clear the arrows from the page. Display formulas rather than answers in the cells by clicking the Show Formulas button. Click the Error Checking button to locate cells containing errors and correct the problems. Click the Evaluate Formula button to watch Excel calculate a formula step by step. Use the Watch Window to keep an eye on formulas while you are working on a different worksheet or a different area. Click the Watch Window button to open the window, then click the Add Watch button on the windows toolbar and select the cell containing the formula(s) you want to watch. Add as many watches as you need. The Watch Window will display the formulas values as you make changes anywhere in the workbook. Formula Tools from the Data Ribbon

Use Goal Seek Sets a formula cell to a desired result by changing the value of one of the terms in the equation. Set up the formula, using separate cells for each variable. Click the Data tab, and click What-If Analysis in the Data Tools group. Choose Goal Seek from the menu. The Goal Seek box will appear. In the Set cell box, type the cell reference of the cell containing the formula. In the To value box, type the desired formula result, and in the By changing cell box, type the reference of the cell you wish to vary. Click OK. The result box will appear, and the spreadsheet will show the answer Excel arrived at. Click OK to accept the result or click Cancel to discard it.

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Microsoft Office Excel 2007 Use Scenarios

Microsoft Excel: Taking Formulas Further

Scenarios let you consider different projected outcomes of a situation by changing selected cells in a worksheet. You can create a workbook, complete with graphs and charts, and use scenarios to produce versions of it for different purposes. Set up a workbook for the first of your scenarios, containing all the data labels, formulas and charts you intend to use. Save the workbook, then select the cells you will be changing in the scenarios (use Shift+Click and Ctrl+Click to select the cells.) Next, click What-If Analysis in the Data Tools group and choose Scenario Manager from the menu. The Scenario Manager will appear, telling you no scenarios have been defined.

Click Add. The Add Scenarios box appears. Type a name for your scenario and check that the correct cells are listed in the Changing Cells box. Edit the Comments if desired, and click OK. The Scenario Values box now appears, showing the values for each of the cells selected for changes. Click OK to save the first scenario, with your original values, and return to the Scenario Manager. Click Add to create the next scenario and give it a new name in the Add Scenarios box. Click OK again to return to the Scenario Values box for your second scenario. Edit the cells to reflect the values for your second scenario. Its a good idea for one of the cells to contain text describing the separate scenarios so you can tell which one you are using at a given time. When you have created all your scenarios, choose which scenario to view by opening the Scenario Manager, clicking the scenario name, and clicking Show. The values for the chosen scenario will appear in the changing cells, and all formulas and graphs depending on these values will be updated.

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Microsoft Office Excel 2007

Microsoft Excel: Taking Formulas Further

Use Paste Special to selectively paste cell data, formats, or other aspects Select and copy the cells whose format you want to duplicate. Click the upper left cell of the area you want to paste into, and then click the dropdown arrow below the Paste button in the Clipboard group of the Home Ribbon. Choose Paste Special from the drop down menu. On the Paste Special box, select the desired options: Formulas: Pastes cell contents, including formulas, but does not paste formats Values: Pastes the calculated answers of formulas rather than the formulas themselves Formats: Pastes formats (except column widths) but not cell contents same as Format Painter Column Widths: Does not paste any data; just makes columns in the paste area the same width as those in the copy area. Operations: Performs selected operation between copied cells and the corresponding cells in the paste region. Skip Blanks: Pastes only cells that contain data; does not paste blank cells. Transpose: Pastes contents of copied cells, including formulas, switching rows and columns Practice Exercises: Go to this website: http://www.smfpl.org/advanced_classes/advanced_ms_excel_1 and download the workbook named Advanced Excel Practice - Workbooks. (For users of earlier versions of Microsoft Word, I have included a copy of the file in the old format as well.) 1. Open the workbook and view the sheet marked Commissions. a. In cell B10, type a function to calculate the sum of all the sales for the month. Use the values in column B. b. In cell B11, type an IF function that gives the salesman a 6% commission if his gross sales are under $2000, but an 8% commission if he sells $2000 or more. Name this cell CommAmt. c. In cell E2, type a formula to calculate the commission on the values in column D. Use the range name in this formula. Copy the formula into rows 3-7 using the fill handle. d. In cell B12, type a function to calculate the sum of all the commissions for the month. What is the salesmans commission? What would his commission be if the Edwards job had been for $785.00? 2. Working with the sheets named North, South, East, West and Summary, do the following: a. In cell B3 on Summary, use the Sum function and 3-D references to calculate the total of cell B3 on North, South, East, and West. b. Copy cell B3. Using Paste Special, paste the formula only (not the formatting) into cell B4. Repeat for cells B5 through B8. Page 5 of 6

Microsoft Office Excel 2007

Microsoft Excel: Taking Formulas Further

c. Use the fill handle to copy cells B3 through B8 into the remaining striped cells on the Summary sheet. d. Copy cells B3 through E3, and use Paste Special again to paste the formulas only into cells B12 through E12. What is the average expense per attendee over all four regions in the third quarter? e. On the Formulas Ribbon, use the tools in the Formula Auditing group. i. Trace dependents for cell C12. Trace precedents for cell B9. How does Excel indicate which cells are used by this formula? ii. Now trace precedents for cell D4. Why does this display look different from the previous one? iii. Use the Remove Arrows button to remove the arrows when you are done with them. 3. Create a new sheet in your workbook. Name it Mortgage. a. Ten years ago your parents set up a fund to help you with a down payment. You and they have each been putting in $100 a month since then (total savings $200/month). If the interest rate was 1.75%, how much is now available for your down payment? Use the FV function to find out. b. You want to buy a condo that is selling for $130,500 and the bank has offered you an interest rate of 5.19% on a 30-year mortgage or 4.65% on a 15-year mortgage. Use the PMT function to calculate your monthly payment for each of those loans. Bonus: How much money will you pay out over the life of each of those two loans? c. You like the idea of a 15-year mortgage, but you can only afford a payment of $650 a month. Maybe you should find a cheaper condo? Using Goal Seek, find out the maximum price of house you can afford. (Remember, you are setting the payment cell to a negative amount.)

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