Formula to calculate meal price

[Loley]

Hey Everyone -

I am using Excel 2007 on Windows XP.

I have a simple formula where you put the meal total, and then it figures out the tax and tip and what the grand total is.

What I want to do is reverse this... So I know I have $12 per meal and I want to give 18% tip and my tax rate is 8.25%, how much can I spend. 12=x+(x*.0825)+(x*.18) would be the algebraic equation.

Ideally I would like the function to reference a tax cell and a tip cell so I can change these based on the city/situation I am working with.

Thanks for you help

 

[barry houdini]

If you put the meal cost [12.00] in A2, the tip % in B2 [18%] and tax rate in C2 [8.25%] then use this formula in D2

=A2/(1+B2)/(1+C2)

 

[texasalynn]

try this

Excel Workbook
	IE	IF	IG
8	12	9.50	Mean
9		0.78	Tax
10		1.71	Tip
11		12.00
Sheet1

Excel 2003

Cell Formulas
Range	Formula
IF8	=IE8/126.25%
IF9	=+IF8*8.25%
IF10	=+IF8*18%
IF11	=SUM(IF8:IF10)

if you wanted to make the tax a variable to be used then try this

Excel Workbook
	IE	IF	IG
8	12	9.50	Mean
9	8.25%	0.78	Tax
10	18.00%	1.71	Tip
11		12.00
Sheet1

Excel 2003

Cell Formulas
Range	Formula
IF8	=IE8/126.25%
IF9	=+IF8*IE9
IF10	=+IF8*IE10
IF11	=SUM(IF8:IF10)

 

[Loley]

Thanks that seems to work thanks- I was way over-thinking it!!

 

[texasalynn]

oh forgot to change the formula for the meal

Excel Workbook
	IE	IF	IG
8	12	9.50	Meal
9	8.25%	0.78	Tax
10	18.00%	1.71	Tip
11		12.00
Sheet1

Excel 2003

Cell Formulas
Range	Formula
IF8	=IE8/+(100%+IE9+IE10)
IF9	=+IF8*IE9
IF10	=+IF8*IE10
IF11	=SUM(IF8:IF10)

 

[alansidman]

Try this:

Excel Workbook
	A	B	C	D
1	Meal Total	Tax Rate	Tip Rate	Meal
2	$ 12.00	8.25%	18%	$ 9.50
Sheet2