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Calculate number of dollar bill denominations to go into a cash bag

  1. #1
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    Calculate number of dollar bill denominations to go into a cash bag

    I am having trouble figuring what function (calculation) to use.

    First, an overview of why I need this. I run fun promotions in schools. When a child sells widgets in a fundraiser, I let them draw cash out of a cash bag as a reward. Here are the exact instructions to the students...

    For every 3 widgets you sell in our fundraiser, I will let you draw 1 bill out of a cash bag. The cash bag will be filled with $1's, $5's, $10's and $20's. Example: If you sell 9 widgets, you get THREE pulls out of the cash bag (one bill per draw).

    Given the TOTAL NUMER OF DRAWS to be done within a school, I want an Excel formula (or calculation) to tell me how many $1's, $5's, etc to put into the cash bag.

    As a general rule I want more lower denominations (such as $1's) and fewer high denominations (such as $20's).

    I want to spend an exact predetermined dollar amount TOTAL on this promotion.

    For example:

    GIVEN: I need 891 draws at a school.
    GIVEN: I want to spend $2,219 total.

    How many $20 bills should I put in the bag?
    How many $10 bills should I put in the bag?
    How many $5 bills should I put in the bag?
    How many $1 bills should I put in the bag?

    I know that there could be MANY answers to this question, depending on exactly how many of each denomination I wish- but I don't really care about the exact amount. I am content to let Excel determine that for me as long as there are MORE lower denominations (such as $1's) and FEWER high denominations (such as $20's).

    My brain just isn't big enough to make Excel work for me on this. Is it even possible?

  2. #2
    Forum Expert shg's Avatar
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    Re: Calculate number of dollar bill denominations to go into a cash bag

    You can use Solver. For example,

    Please Login or Register  to view this content.
    Enter desired number of 20's.

    Set B7 to 2219 by changing cells B2:B4, subject to the contraints

    B2:B4 = integer
    B2:B4 >= 1
    B6 = 891
    Entia non sunt multiplicanda sine necessitate

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