Current Cost versus Original Cost

[A Boe]

New to using Excel here. How does one calculate the current cost if one
knows a building cost $56,000 in 1920. I am assuming annual inflation
rate is 3.5%.

What formula or function would I use?

Thank you.

AB

 

[Chip Pearson]

Use the FV (Future Value) function. E.g.,

=FV(3.5%,YEAR(TODAY())-1920,0,-56000)

--
Cordially,
Chip Pearson
Microsoft MVP - Excel
Pearson Software Consulting, LLC
www.cpearson.com

 

[A Boe]

Use the FV (Future Value) function. E.g.,

=FV(3.5%,YEAR(TODAY())-1920,0,-56000)

Thank you !