Round function question

[IrishHawg09]

I'm trying to create a formula that, based upon yearly revenue, we are able to automatically calculate how much in insurance my company will likely need.

Here's what we have:

Insurance, blocks of $1,000,000 coverage @ $2,000.00 a block
Revenues exceed $1mil annually

Formula I'm using:

=IF(Yearly Revenue<1000000,2000/12,ROUND(((Yearly Revenue/1000000)*2000)/12,5))

Revenue for year 3 is $3,546,875.00, so the amount of insurance should be $8,000.00 annually, or $666.67 a month, but its getting an amount of $591.15. Obviously, this is wrong.

Advice?

Thanks!

 

[Michael M]

Try

=IF(Yearly_Revenue<1000000,2000/12,CEILING(Yearly_Revenue/1000000,1)*2000/12)