This post is part of spreadcheats series.
Today we will learn a fascinating little feature in excel called “goal seek”.
But what good is a feature if we cant find a use for it? So we will build a simple retirement calculator using excel.
Before plunging in to the complex retirement calculations, let us spend a bunch of words understanding what this goal seek is all about.
What is goal seek in excel?
We can think of goal seek as opposite of formulas. Formulas tell you what is the output of a bunch of variables used in an equation (for eg. sumproduct is an equation involving + and *). Goal seek tells you what inputs you need to give in order to get certain output.
For example, you can use goal seek to solve a linear equation or find the internal return rate (IRR) of an investment.
Now that you understand goal seek, let us plan your retirement. 🙂
Make a financial model to estimate your monthly savings to meet retirement goals.
(Note: the image shows commas according to Indian currency formatting.)
In order to proceed, we would need some data, like,
(1) What is your current age?
(2) What is your expected retirement age?
(3) How much do you think you will spend every month when you retire (of course in today’s prices)
(4) Your expectation of inflation (%)?
(5) Your expected return (%) on investments?
Once the data is available, we will need to calculate the following,
I have shown the worksheet on the right with some dummy data.
(6) The yearly expenses at the time of retirement: (3) * (1+(4))^((2)-(1))*12
(7) Corpus required to generate the above amount every year (and leave the principle behind): (6)/(5)
(If these calculations are overwhelming, download the excel retirement calculator workbook here.)
We know how much corpus is needed.
We can use FV() formula to determine the future value of a series of payments made periodically and compounded at a given interest rate.
We know how much the FV() out come should be, but we don’t know how much the input (monthly investment) should be.
This is where goal seek is going to help us.
Let us assume the monthly investment amount will be in cell A5. Let us also assume, the interest rate is in cell A4, retirement age is in A3, current age is in A2.
We will write the FV formula in cell A6 like this = -FV(A4/12,(A3-A2)*12,A5)
(we have to negate FV since it uses weird accounting notations)
Since the cell A5 is blank, the FV will show the value as 0.
Now, we will use goal seek to find out how much cell A5 should have so that A6 will be calculated to the corpus amount required.
Go to Data tab and click on What if analysis and select goal seek. (In excel 2003, it should be in tools menu)
See this screen cast to understand how the goal seek works:
The goal seek window has 3 inputs. The cell you need to change. The cell you want to set and the value to set.
Once you use the goal seek it will find the correct (or closest) value to meet the goal and displays it. If you press OK, the value will be placed in the cell (in our case, in A5)
That is all.
Download the Retirement Calculator Excel Worksheet and play with it
Click here to download the retirement calculator worksheet. Follow the instructions in the workbook to see this example for yourself. Change values to find the amount that you need to save.
Do you find goal seek feature useful?
What do you do with excel goal seek? Do you use it in your modeling, planning worksheets? Tell me your experiences and ideas using comments.
Additional resources:
- Read remaining posts in Spreadcheats series: Become a spreadsheet guru by learning these nifty hacks.
- Excel financial formulas – Help on NPV, FV, PV and more
- Understand why you should start early when it comes to retirement savings
- Buy or rent calculator in Excel – calculate returns on property investments
PS: the retirement calculation steps are derived from this excellent article on smart investor
21 Responses to “How to Filter Odd or Even Rows only? [Quick Tips]”
Infact, instead of using =ISEVEN(B3), how about to use =ISEVEN(ROW())
So it takes away any chance of wrong referencing.
I like Daily Dose of Excel
I like it.
Just a heads up, you do need to have the Analysis ToolPak add-in activated to use the ISEVEN / ISODD functions. An alternative to ISEVEN would be:
=MOD(ROW(),2)=0
rather than use a formula, couldn't you enter "true" in first cell and "false" in the second and drag it down and than filter on true or false.
Just for clarification, is Ashish looking to filter by even or odd Characters or rows?
so many functions to learn!
Nice support by chandoo and team as a helpdesk. Give us more to learn and make us awesome. Always be helpful.......
In case you want to delete instead of filter,
IF your data is in Sheet1 column A
Put this in Sheet2 column A and drag down
=OFFSET(Sheet1!A$1,(ROWS($1:1)-1)*2,,)
(This is to delete even rows)
To delete odd rows :
=OFFSET(Sheet1!A$2,(ROWS($1:1)-1)*2,,)
If your numbered cells did not correspond to rows, the answer would be even simpler:
=MOD([cell address],2), then filter by 0 to see evens or 1 to see odds.
I sometimes do this using an even simpler method. I add a new column called "Sign" and put the value of 1 in the first row, say cell C2 if C1 contains the header. Then in C3 I put the formula =-1 * C2, which I copy and paste into the rest of the rows (so C4 has =-1 * C3 and so forth). Now I can just apply a filter and pick either +1 or -1 to see half the rows.
Another way, which works if I want three possibilities: in C2 I put the value 1, in C3 I put the value 2, in C4 I put the value 3, then in C5 I put the formula =C2 then I copy C5 and paste into all the remaining rows (so C6 gets =C3, C7 gets =C4, etc.). Now I can apply a filter and pick the value 1, 2, or 3 to see a third of the rows.
Extending this approach to more than 3 cases is left as an exercise for the reader.
Another way =MOD(ROW();2). In this case, must to choose betwen 1 and 0.
[...] How to Filter Even or Odd rows only [...]
very different style Odd or Even Rows very easy way to visit this site
http://www.handycss.com/tips/odd-or-even-rows/
Thanks for the tip, it worked like magic, saved having to delete row by row in my database.
Thanks!
Thankssssssssssssssss
Hi Chandoo- First of all thanks for the trick. It helped me a lot. Here I have one more challenge. Having filtered the data based on odd. I want to paste data in another sheet adjacent to it. How can I do that?
For Example-
A 1 odd
B 3 odd
C 4 even
D 6 even
I have fileted the above data for odd and want to copy the "This is odd number" text in adjacent/next sheet here. How can I do that. After doing this my data should look like this
A 1 odd This is odd number
B 3 odd This is odd number
C 4 even
D 6 even
Hi! Could you please help me find a formula to filter by language?
Thank you!
Chandoo SIR,
I HAVE A DATA IN EXCEL ROWS LIKE BELOW IS THERE ANY FORMULA OR A WAY WHERE I CAN INSTRUCT I CAN MAKE CHANGES , MEANS I WANT TO WRITE ONLY , THE FIG IS FRESH, BUT IN BELOW ROW IT WILL AUTOMATICALLY TAKE THE SOME WORDS FROM FIGS AND MAKE IN PLURAL FORM , WHILE USING '' ARE'' LIKE BELOW
The fig is fresh - row 1
Figs are fresh - row 2
The Pomegranate is red - row 3
Pomegranates are red - row 4
=IF(EVEN(A1)=A1,"EVEN - do something","ODD - do something else") with iferron (for blank Cell)