Forum Discussion
Formula to reduce a number by 10% each day
I am looking for a formula that will reduce an amount by 10% each day. Example: Day 1 - $60,000*10%=$6,000. $60,000 - $6,000= $54,000. Day 2 - $54,000*10%= $5,400. $54,000 - $5,400= $48,600. I a...
The recurrence formula defines a geometric series and the amount corresponding to any given day is
= initial*(1-Rate)^p
Using 365, the formula to generate a table, such as presented by HansVogelaar, would be
= LET(
p, SEQUENCE(Days-1),
initial*(1-Rate)^p)
For more complicated calculations in which the rate varies there will, in future, be formulas such as
= LET(
rateByDay, SEQUENCE(Days-1,1,Rate,0),
SCAN(initial, rateByDay, LAMBDA(acc,r, acc*(1-r)))
)
but those functions are still in beta release.