how to multiply time by money

[Guest]

Cell b2 is subtracting from b1 to give me a calculation on the amount of time
for that day in b3. But when I try to get cell b4 (which is a dollar
amount) to multiply by b3 (time amount) the answer is wrong. Example, 1:00
(hour) * $10.00. Exel keeps telling me the answer is $0.42, insted of
$10.00. Help!

 

[Mladen_Dj]

Excel gives you right answer. This is because one hour is displayed as 1:00
but real value of this cell is 0,0416666666666667,try to format number like
general in this cell to see this. Excel represent time like portions of day
(12 hours is 0,5 of day and so on...).
In you example excel think that you want to multiply 1 hour X10, and give
result of 0,42, which is corect fraction of day (10 hours = 0,42 days).
To get result you want, multiplay amount of time with 24.

 

[Guest]

There's no inherent meaning in the product of time and currency. Is $10
times 1 hour equal to 10? Or 1 minute? 1 day?
If, for your purposes, the answer is hours, then you just need to adjust for
the means by which Excel stores time. To Excel, a day is equal to a value of
1. Thus, an hour is equal to 1/24, a week equals 7, etc. (To see this, just
change the formate from date/time to the comma style). So if you want
hour-dollars, just multiply the date/time value times 24 and then multiply
that by the currency amount: =b3*24*b4.
--Bruce

 

[amcshaikh]

To get value for product of time and rate, use following formula
For hourly rate : multiply time by 24 times the rate per hour
For minute rate: multiply time by 24x60 times the rate per minutes
For second rate: multiply time by 24x60x60 times the rate per second.
Hope this helps.