Excel/Wage Formula

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Question
I have Windows 7 & Excel 2007.  I would rate my experience with excel at about a 7
I need a formula that will allow me to calculate a prevailing wage rate based on the following:
Base rate 16.00 + fringe rate 1.50 - fringe paid 1.55. If calculated rate drops below 16.00, then the formula defaults to 16.00 (instead of 15.95).
Thank you for your help!!

Answer
Hi Suzanne,

Okay, for example let's assume the base rate is in cell B1, the fringe rate is in B2, and the fringe paid is in cell B3.  Then the formula to calculate the prevailing wage, but limited to not less than 16.0 would be

  =IF(B1+B2-B3<16,16,B1+B2-B3)

Feel free to follow up if I have misinterpreted your question.

Damon
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Damon Ostrander

Expertise

I have extensive experience with VBA programming in Excel 5 through Excel 2013. As a former aerospace engineer with a large aerospace corporation and consultant in a small defense technology services company, I have developed a wide range of applications in VBA, including simulations involving mixed-language programming, satellite orbit mechanics, graphics and animation, and real-time applications. I am interested in moderate to hard VBA-related questions only.

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I have developed and taught several courses in Excel VBA programming and also VBA programming in Office 97, 2000, and 2007. I have developed a number of large technical applications in Excel VBA for use within the aerospace industry.

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B.S. in Electrical Engineering and Computer Science, University of California, Berkeley.

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