Benford’s Law describes the phenomenon that in a large dataset, the leading digit of each number does not occur with the intuitively expected probability of 1:9 (11.1%), but rather with a much larger probability for the smaller numbers. For more details on Benfords’s Law, you can read the Wikipedia Article about it, but keep on reading here if you want to learn how to use Excel to check if a dataset is consistent with it. It’s very easy!
For this example I have used population data for all the counties of the United States from census.gov:
Excel has built-in functionality to handle percent (%), but there is no automatic way to calculate parts per million, basis points, permyriad or per mille in Excel. It is easy to calculate though, but let’s start with the definitions:
When you calculate prices you usually know the cost price and the desired profit percentage, so all you have to do is to add the profit to the cost price in order to calculate the sales price. However, the price list might not look as nice as you want:
How to generate a string of random letters in Excel
The CHAR function returns a character that corresponds to the number in the character set used by your computer (ANSI for Windows). There are up to 255 different characters in the set, with the capital letters from A-Z starting at number 65. Z is 90. To generate a random letter you can use the RANDBETWEEN function: