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Round Prices to the Next Highest $5
Problem: I handle pricing for a company, and I have a spreadsheet that shows my cost per SKU. My manager tells me to take the current manufacturing cost for each item, multiply by 2, add $3, and then round up to the next highest multiple of 5.
Figure 352 38.9615 doesn’t make a nice price.
Strategy: After doing the math to get a preliminary price, you can use the CEILING function. This function takes one number and the number to round up to. For example, =CEILING(421,5) will result in 425. Note that with CEILING, the answer is always higher than the original number.
Figure 353 Use CEILING to round up to a multiple.
Additional Details: Excel also has a FLOOR function. With the FLOOR function, the number would be rounded down to the nearest multiple of 5.