How do I multiply dollars by time?

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Guest

I am creating a spreadsheet that calculates hours and minutes worked and want to multiply the result by the hourly rate expressed in dollars. Judging by the result I get using the standard time and currency formats, the two format types are not compatible.
 
Hi Mike R.,
I am creating a spreadsheet that calculates hours and minutes worked
and want to multiply the result by the hourly rate expressed in
dollars. Judging by the result I get using the standard time and
currency formats, the two format types are not compatible.
Click to expand...

If you entered the values as actual times (eg, 8:30 for 8 hours and 30
minutes), then the values are being stored as fractional parts of days. So
if you put in 8:00, which is 1/3 of a day, the approximate value stored in
the cell is .3333. It's just that the cell is formatted to look like a
time.

So, in order to get to the number of hours, you need to multiply by 24. If
your times are in column A and your hourly rates are in column B, you can do
this:

=A2 * B2 * 24

Just format it as currency and you should be all set.

--
Regards,

Jake Marx
MS MVP - Excel
www.longhead.com

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