Round Prices to the Next Highest $5

February 24, 2022 - by Bill Jelen

Problem: I handle pricing for a company, and I have a spreadsheet that shows my cost per SKU. My manager tells me to take the current manufacturing cost for each item, multiply by 2, add $3, and then round up to the next highest multiple of 5.

Price is 2 times cost plus 3. But this leads to prices like $38.9615. — Figure 346. 38.9615 doesn’t make a nice price.

Strategy: After doing the math to get a preliminary price, you can use the CEILING function. This function takes one number and the number to round up to. For example, =CEILING(421,5) will result in 425. Note that with CEILING, the answer is always higher than the original number.

Additional Details: Excel also has a FLOOR function. With the FLOOR function, the number would be rounded down to the nearest multiple of 5.

Use =CEILING(Number, 5) will always round up to the next five dollar increment. — Figure 347. Use CEILING to round up to a multiple.

This article is an excerpt from Power Excel With MrExcel

Title photo by Zdeněk Macháček on Unsplash