Excel Question

Some help with an Excel formula please.

The formula is for working out time costs

Cell A1 will be marked with an X or left blank

So when time is place in cell C1 the hourly rate will be calculated at one of two rates, with the X in cell A1 deciding which hourly rate to apply.

So if I place the formula =IF(A1>0, (C1*24)*100) in D1, mark A1 with a X and enter 10:00 in C1 I get the correct answer of £1000 in D1.

What I want to do is expand the formula (or find a better way) so that in D1 if A1 has no X, it will calculate the costs at £50 per hour and if it has an X, calculate the costs at £100.

Thanks

Put the hourly rate in A1

Thanks or the reply, I've probably over simplified what I aim to achieve.

The worksheet will contain a series of times for different types of work for which two different hourly rates will apply. So C1 to C12 will contain different times for which two different hourly rates will apply so for example the two hourly rates for c1 are £100 and £50 for C2 times they are £30 and £15 and for C3 £45 and £25 etc. So the hourly rates need to be in the formula with the only items being entered on the sheet are the X (or not) and the time.

=IF(A1="X", C1*24*100,C1*24*50)

Thanks, worked a treat.

Obviously Batboy's formula works perfectly but the other way would be:

=C1*24*IF(A1="X", 100,50)

Slighly more "efficient" and also it is a little clearer. Plus if you need to change the 24 multiplier or other parts of the calc you only need to change them once rather than for both calculations.

If you ended up needing more rates it could also be easily switched to use a lookup table just by replacing the if with a vlookup.

Neat