Excel - IF Function Problem - Expert Solution

Question description:
This user has given permission to use the problem statement for this blog.

I want to work out fees on client accounts. i need to work out a tiered fee - first $200,000 is 0.59%, then between $200000 - $500000 is 0.37%, then if between $500,000 - $1,000,000 is 0.17% then if $1,000,000 to $2,500,000 is 0.05%
Solved by I. J. in 60 mins
This is the chat thread from the real Excelchat help session. It contains no private user information.
Excelchat Expert 16/08/2018 - 02:56
Welcome, thank you for choosing Got It Pro-Excel! I'll be glad to assist you with your concern.
User 16/08/2018 - 02:56
Thanks, I have no idea where to start!
Excelchat Expert 16/08/2018 - 02:57
May you please share the data you have so I can help you with your concern? You can also paste a sample data on the document preview pane
Excelchat Expert 16/08/2018 - 02:59
Got it. I can help you with that. Before we proceed, just a friendly reminder that our policy is 1 question per session so for this session we'll be resolving this particular question.
User 16/08/2018 - 03:00
no problem
Excelchat Expert 16/08/2018 - 03:00
Ok, where do you need to add the formula?
User 16/08/2018 - 03:01
I dont know, I need to work out how much the fees will be for a client with $550000 for example
Excelchat Expert 16/08/2018 - 03:04
Ok to confirm, you need to charge the Fee against client account depending on the criteria. In your example in C9, that would fall under 0.37% charge correct?
User 16/08/2018 - 03:05
No, it is a cumulative fee, so the client with $550,000 is charged $1,180, then $2,290, then 0.17% of $50,000
Excelchat Expert 16/08/2018 - 03:08
So that would be the total of $6,610 correct?
User 16/08/2018 - 03:08
I need to do this analysis on many accounts, not just one. I know how to do it manually, or with a calculator. I need to know how I can have a spreadsheet with a hundred or so client accounts.
User 16/08/2018 - 03:09
No, the answer is $1180 plus $2290 plus 0.17% of $50,000 - so total is $
User 16/08/2018 - 03:09
sorry total is $3470
Excelchat Expert 16/08/2018 - 03:12
Ok sorry the requirement is a bit complex, please give me some time to work out with the formula
User 16/08/2018 - 03:13
I know it's complex, thats why i need help
Excelchat Expert 16/08/2018 - 03:27
Still working on the formula, thanks for your patience
User 16/08/2018 - 03:43
Are you still there?
Excelchat Expert 16/08/2018 - 03:43
Yes sorry
Excelchat Expert 16/08/2018 - 03:43
I am working on your formula in excel
User 16/08/2018 - 03:51
total fee on $550,000 is $3,555, not $3,470 sorry
Excelchat Expert 16/08/2018 - 03:54
Ok noted

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