Need Help Writing Formula To Calculate Construction Performance & Payment Bond |
Need Help Writing Formula To Calculate Construction Performance & Payment Bond - Excel |
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I need to write a formula that will calculate the cost of a construction performance and payment bond. The bond is calculated as a percentage of the contract amount. Let's just say the contract amount is in cell A1 on the spreadsheet. The cost of the bond will be 2.5% of the first $100,000 of contract, 1.5% on the next $500,000 of the contract, and then 1.0% on the next 2,000,000 and so on. I have put the table below that references every percentage we would use. Remember that the formula needs to work even if the contract amount is as small as $1 or as large as millions of dollars. I am terrible at these types of formulas and could use some help. Thank you for your assistance!
BOND RATE BOND AMOUNT
2.50% Up to 100,000.00
1.50% On the Next 400,000.00
1.00% On the Next 2,000,000.00
0.75% On the Next 2,500,000.00
0.70% On the Next 2,500,000.00
0.65% Amount Over 7,500,000.00
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DATA output should be
asd67,h876 --------> 67876
2,3,ujdj5&34 -------> 23534
909k86m34 --------> 9098634
Hope this makes sense?
Received Date & Time: 10/29/2010 3:27:00 PM
Completed Date & Time: 11/1/2010 3:57:32 AM
Business Hours: 08:00 AM to 05:00 PM
Non Business hours: 05:00 PM to 08:00 AM
Weekdays : Monday to Friday
Weekends: Saturday & Sunday
If I calculate TAT for this time period it should show me 1 hour 33 minutes, why because business hours are closing by 5:00 PM on 10/29 so it should not calculate duration after 5:00 PM to until 08:00 AM on next day, however 10/29 is Friday so formula should calculate the duration from 10/29 Friday 3:37 PM to 10/29 5:00 PM and again it should calculate from 8:00 AM on 11/01 Monday and formula should skip Saturday & Sunday.
In this scenario I have completed the task before 8:00 AM on 11/01 so it should show duration of 1hour 33 minutes.
Please let me know if you need any more details