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Excel: Calculating Number of Hours Times a Dollar Rate
By Laura Noble
Calculating the total pay
based on the total number of hours and a dollar rate would seem quite
simple, but as shown in the sample below what seems quite obvious
provides an incorrect result. The Total Hours is calculated by
using the formula =D2-C2. The formula in G2(=E2*F2)
multiplies the total hours (cell E2) times the pay rate (cell F2) but
gives the incorrect answer of $5.83.
The 24 hour time clock needs to be factored into the formula. In the sample above, Excel is attempting to multiply hours and dollars since the Total Hours calculation is based on hours. Adding the 24 to the formula (=E2*24*F2), as shown in the sample below, the values being multiplied become the same type of unit and the results in column G are now accurate.
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