Annual rate is not calculating correctly?

Liam Sar

Hello,

I am having a formatting (?) issue with a formula I wrote where I'm trying to get the annual rate. First off, I'm multiplying an hourly rate (in column "Hourly Rate") by a percentage of 3.3%. This is what the formula looks like in my Smartsheet workbook:

=[Hourly Rate]@row * 1.033

So for example, $42.52 is entered into an Hourly Rate cell and the result is 43.92316 and when I format that to currency value, it comes out to $43.92 which is entered into a cell under "New Hourly Rate" column. However when I multiply this rate by annual working hours (2080), it doesn't calculate properly? This is what the formula looks like:

=[New Hourly Rate]@row * 2080

So the result (when formatted to currency) is $91,360.17 but when I calculate myself, I got $91,353.60 which is a difference of $6.57. I'm assuming this has to do with the extra decimals, unsure how to correct and have $91,353.60 display? Any feedback will be appreciated.

Thank you!

heyjay

Use round function to keep it consistent to 2 decimal place.

=ROUND([Hourly Rate]@row * 1.033,2)

=ROUND([New Hourly Rate]@row * 2080,2)

Liam Sar

Thanks @heyjay that worked! :)