Currency * Time is returning an anomaly

Question

I have a timesheet / invoice template I use in Excel / Google Spreadsheets (the anomaly is the same).

My equation is Currency * Time, for instance £5 * 8 hours, but this instead of £40 returns £1.67. The currency cell is formatted as currency, the time cell as duration and the result cell also currency.

I've shared a Google Spreadsheet of the issue with commenting permissions here, if you'd like to edit the sheet you can always click file > make a copy - https://docs.google.com/spreadsheets/d/1UB3b6U3G6fh7wNZPfPB-gLaiaeJFEb_M0qGJJnxwv7g/edit#gid=1987667533

Answer 1

Excel stores time as a fraction of a day. You need Currency * Time * 24, in this case £5*08:00*24.