Add yearly % increase to lookup result

[william11]

Hi,

Every year each customers locker fees increases by 5%

I need this equation in cell N4:

=(LOOKUP(F4,Table3)+LOOKUP(G4,Table3[#All])+'Add a locker'!$H4)

to increase by 5% for every year that passes in cell J4 (date format 1/1/1900).


I hope this is possible, thank you.

 

[NeonRedSharpie]

=(EXISTING FORMULA)+0.05*(year(now())-year(J4))

 

[william11]

=(EXISTING FORMULA)+0.05*(year(now())-year(J4))

Thank you for the response.

The formula you provided adds 5 cents (.05) per year. I need the $33.00 locker fee to increase by 5% for every year it has been leased.. exponentially.

=(LOOKUP(F5,Table3)+LOOKUP(G5,Table3[#All])+'Add a locker'!$H5)+0.05*(YEAR(NOW())-YEAR(J5)) that what it looks like when I plug it in

year 1 = $33 * .05 = $1.65 + $33 = $34.65

year 2 = $34.65 * .05 = $1.73 + $34.65 = $36.38

year 3 = $36.38 * .05

 

[NeonRedSharpie]

Then just change the formula slightly....

=[FORMULA HERE]*(1+(5%*(YEAR(NOW())-YEAR(J4))))

 

[william11]

Then just change the formula slightly....

=[FORMULA HERE]*(1+(5%*(YEAR(NOW())-YEAR(J4))))

Thank you for you help, but your formula only works for year 1 because you are multiplying 5% by 1. Once you reach 2 years and beyond the formula will no calculate correctly. But thanks for the format, once I figure the correct math equation it will work perfectly. I think I need to add a Simplified Compound Interest equation.