Question

On the Faculty Data worksheet, in cell sqrt3, use an IFS function to calculate the retirement matching dollar amount for each faculty member participating in the retirement plan. If the participating member is a Full Professor, the matching amount is 4% of the salary. Otherwise, the matching amount is 3% of the salary. If the member is not participating, show a blank.

Answer 1

The formula that can efficiently determine the retirement matching contribution based on faculty participation and academic status, incorporating different matching percentages for Full Professors and non-Full Professors is: =IFS(C2="Yes", IF(B2="Full Professor", 0.04*D2, 0.03*D2), "")

Step-by-step explanation:

In this Excel formula, we use the IFS function to calculate the retirement matching dollar amount for faculty members based on their participation in the retirement plan and academic status. The formula consists of two main conditions:

1. If the faculty member is marked as participating (C2="Yes"),

2. If the faculty member is a Full Professor (B2="Full Professor").

If both conditions are met, the formula calculates the retirement matching amount as 4% of the salary (0.04*D2). If the faculty member is not a Full Professor, it calculates the matching amount as 3% of the salary (0.03*D2). If the faculty member is not participating, the formula returns a blank cell.

This formula streamlines the process of determining the retirement matching contribution, ensuring accuracy and efficiency in handling different scenarios for faculty members.