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When working with financial data, one common need is to round amounts to some specific point. For instance, you may need to round amounts to the nearest half dollar. The traditional way to perform such a rounding task is to use the ROUND function, with a formula like this:
The formula divides the value in E27 by 0.5 (half a dollar), and then rounds it to zero decimal places. The value is then multiplied by 0.5 to get it back to the form you need. If you prefer to not multiply and divide by decimal amounts, you can accomplish the same task in this manner:
Perhaps an even better approach is to use the MROUND function. This function will round a value to any multiple you specify. In this case, if you want to round the value in E27 to the nearest half dollar, you would use this formula:
The MROUND function is part of the Analysis ToolPak. If the function doesn't work for you, you'll need to make sure it is available by choosing Tools | Add-Ins.
ExcelTips is your source for cost-effective Microsoft Excel training. This tip (2620) applies to Microsoft Excel versions: 97 | 2000 | 2002 | 2003
You can find a version of this tip for the ribbon interface of Excel (Excel 2007 and later) here: Rounding to the Nearest Half Dollar.
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