Calculator Answer Doesn't Match Excel Answer

[GwenH]

This may be a stupid question, but I divided $3,180,000 by 3% on a
calculator, and got $106,000,000. When I did the same computation in Excel
with this formula:

=3,180,000/3%

I get the same answer. However, when I use a formula that references the
cells containing these same numbers:

=B43/B44 (where B43 contains the number $3,180,000 and B44 contains the
number 3%

Excel gives me $103,246,753.25 as the answer. Why is that? B43 is formatted
as currency with two decimal places, and B44 is formatted as a percentage
with zero decimals. The cell containing the formula (=B43/B44) is formatted
as currency with two decimals.

This calculation is part of a worksheet that will be turned in as part of a
college-level Finance class exam. The exam is due tonight at midnight. HELP!

Thanks,
GwenH

 

[Gary''s Student]

The value in B44 is probably 3.08% but is being displayed as 3% by reason of
format.

 

[GwenH]

Thanks! Can you tell I've been looking at this monster too long?

GwenH

 

[Gary''s Student]

Don't kill yourself over stuff like this. Once you have given the problem a
good faith effort, post the question.

We are always here.