CSC201 Excel Materials

Computer Applications for Management
Information Systems
CSC201
http://www.excelfunctions.net/Excel-Financial-Functions.html
http://www.techonthenet.com/
http://www.investopedia.com/
CSC201 (EXCEL2016) Page 1 of 36

Table of Contents
Statistical and Math Functions ................................................................................................................. 3
Financial Functions .................................................................................................................................... 4
Group I..................................................................................................................................................... 4
(Function 1) PV: .................................................................................................................................. 5

(Function 2) FV: .................................................................................................................................. 8
(Function 3) PMT:............................................................................................................................. 10
(Function 4) Rate: ............................................................................................................................. 12
(Function 5) NPER: .......................................................................................................................... 15
Group II ................................................................................................................................................. 17
(Function 6) IPMT: ........................................................................................................................... 20

(Function 7) CUMIPMT:.................................................................................................................. 22
(Function 8) PPMT: .......................................................................................................................... 24
(Function 9) CUMPRINC: ............................................................................................................... 26
Capital Budgeting .................................................................................................................................... 28
(Function 10) NPV:........................................................................................................................... 30

(Function 11) XNPV: ........................................................................................................................ 31
(Function 12) IRR:............................................................................................................................. 32
(Function 13) XIRR: .......................................................................................................................... 33
Excel Tools ................................................................................................................................................ 34
What IF Analysis .................................................................................................................................. 34
Goal Seek: .......................................................................................................................................... 35

Statistical and Math Functions
Sum: Adds the specified numbers
Average: Returns the average of the specified numbers
Count: Counts how many numbers are in a given range
MAX: Returns the maximum number in a specified range
MIN: Returns the minimum number in a specified range

Financial Functions
Group I
(PV-FV-PMT-NPER-Rate)

(Function 1) PV:
Returns the present value of an investment. The present value is the total amount that a
series of future payments is worth now. For example, when you borrow money, the
loan amount is the present value to the lender.
Syntax: PV(rate, nper, pmt, [fv], [type])
Rate: is the interest rate period.

For example, if you obtain an automobile loan at a 10 percent annual rate and make
monthly payments, your interest rate per month is 10%/12. You would enter this value
in the formula as the rate.
NPER: is the total number of payment periods in an annuity.

For example, if you get a four year car loan and make monthly payments, your loan is
4*12 (or 48) periods. You would enter 48 into the formula for NPER.
PMT: is the payment made each period and cannot change over the life of the annuity.
Typically, PMT includes principal and interest but no other fees or taxes. For example,
the monthly payments on a $10,000, four year car loan at 12 percent are $263.33. you
would enter -263.33 into the formula as the pmt. If PMT is omitted, you must include
the FV argument.
The following schedule represents how you can use PMT argument to identify Rate &
NPER values:
Payment Rate NPER
Annually Rate/1 Years * 1

Semi Annually Rate/2 Years * 2
Quarterly Rate/4 Years * 4
Monthly Rate/12 Years * 12
Weekly Rate/52 Years * 52
Daily Rate/365 Years * 365

FV: is the future value, or a cash balance you want to attain after the last payment is
made. If FV is omitted, it is assumed to be 0 (the future value of a loan, for example, is
0). For example, if you want to save $50,000 to pay for a special project in 18 years, then
$50,000 is the future value. You could then make a conservative guess at an interest rate
and determine how much you must save each month. If FV is omitted, you must
include the PMT argument.
Type: is the number 0 or 1 and indicates when payments are due.

0 at the end of the period, and 1 at the beginning of the period.

Example (PV)
You want to take a loan from the bank, you can afford to pay 1350 at
the beginning of each month for 3 years, the bank representative told
you that they will deduct 12% as annual interest rate, calculate how
much money you will take now.
Solution:
A B C
The interest rate is divided by 12 to get a
1 Rate 0.01
monthly rate.
Number of years is multiplied by 12 to
2 NPER 36
get the NPER.
PMT is negative because it represents
3 PMT -1350
money that you will pay.
4 FV 0 FV is set to be 0 because of the Loan.
Type is set as 1 because PMT is made at

5 Type 1
the beginning of each month.
PV is positive because it is the value that
6 Result (PV) 41,051.58
you are going to take.

(Function 2) FV:
Returns the future value of an investment based on periodic, constant payments and a
constant interest rate.
Syntax: FV(rate, nper, pmt, [pv], [type])
Rate: The interest rate per period.
NPER: The total number of payment periods in an annuity.
PMT: The payment made each period; it cannot change over the life of the annuity.
Typically, PMT contains principal and interest but no other fees or taxes. If pmt is
omitted, you must include the PV argument.
PV: The present value, or the lump-sum amount that a series of future payments is
worth right now. If PV is omitted, it is assumed to be 0 (zero), and you must include the
PMT argument.
Type: The number 0 or 1 and indicates when payments are due. If type is omitted, it is
assumed to be 0.

Example (FV)
You want to invest a lump-sum of 50,000 for 3 years with ABC bank,
the bank representative told you that they will give you 12% as
ANNUAL interest rate, calculate how much money you will take after
the motioned period.
Solution:
A B C
The interest rate is annually, so you will
1 Rate 0.12
type it as it is.
2 NPER 3 Number of years will be as it is.
3 PMT 0 PMT is 0.
PV is set to be -50000 because it is the

4 PV -50000
lump-sum of money that you’ll deposit.
5 Type 0 Type is set as 0 because there is no PMT.
FV is positive because it is the value that

6 Result (FV) 70,246.4

(Function 3) PMT:
Calculates the payment for a loan based on constant payments and a constant interest
rate.
Syntax: PMT(rate, nper, pv, [fv], [type])
Rate: The interest rate for the loan.
NPER: The total number of payments for the loan.
PV: The present value, or the total amount that a series of future payments is worth
now; also known as the principal.
FV: The future value, or a cash balance you want to attain after the last payment is
made. If FV is omitted, it is assumed to be 0 (zero), that is, the future value of a loan is 0.
Type: The number 0 (zero) or 1 and indicates when payments are due.

Example (PMT)
You want to buy a new car that costs $100,000, you can pay monthly
installments for 3 years, you went to the bank to take a loan, and the
bank representative told you that they will deduct 10% annual interest
rate, calculate how much money you will pay at the beginning of each
month.
Solution:
A B C
1 Rate 0.008333333
monthly rate.
2 NPER 36
get the NPER.
3 PV 100000
Type is set as 1 because the PMT will be

5 Type 1
at the beginning of the period.
PMT is negative because it is the value
6 Result (PMT) -3200.05
that you are going to pay.

(Function 4) Rate:
Returns the interest rate per period of an annuity. RATE is calculated by iteration and
can have zero or more solutions.
Syntax: RATE(nper, pmt, pv, [fv], [type], [guess])
NPER: The total number of payment periods in an annuity.
PMT: The payment made each period and cannot change over the life of the annuity.
PMT includes principal and interest but no other fees or taxes. If PMT is omitted, you
must include the FV argument.
PV: The total amount that a series of future payments is worth now.
0).
Type: The number 0 or 1 and indicates when payments are due.
Guess: Your guess for what the rate will be.
If you omit guess, it is assumed to be 10 percent.
If RATE does not converge, try different values for guess. RATE usually converges if
guess is between 0 and 1.
we recommend to ignore the guess as it will not affect the result at the end.

Example 1 (Rate)
You want to take $20,000 as a loan from the bank, the bank
representative told you that you have to pay $6500 annually for 4
years, calculate the interest rate that the bank will deduct from you.
Solution:
A B C
Number of years because the payment is
1 NPER 4
annually.
2 PMT -6500
3 PV 20000
Type is set as 0 because we don’t know

5 Type 0
when the payment is due.
6 Result (Rate) 11.39% The annual interest rate.

Example 2 (Rate)
representative told you that you have to pay $550 monthly for 4 years,
calculate the ANNUAL interest rate that the bank will deduct from
you.
Solution:
A B C
1 NPER 48
get the NPER.
2 PMT -550
3 PV 20000

5 Type 0
This result represents the interest rate
per period, so we have to multiply it by
6 Result (Rate) 1.20% 12 to get the ANNUAL interest rate
which will be (14.35%) and this is the
right answer in this case.

(Function 5) NPER:
Returns the number of periods for an investment based on an interest rate and a
constant payment schedule.
Syntax: NPER(rate,pmt,pv,[fv],[type])
Rate: The interest rate for the investment.
PMT: The amount of the payment for each period. This should be entered as a negative
value.
PV: The present value, or the lump-sum amount that a series of future payments is
worth right now.
0).
Type: It indicates when the payments are due. If the Type parameter is omitted, it
assumes a Type value of 0.

Example NPER
representative told you that you have to pay $550 monthly with annual
interest rate of 12%, calculate how many YEARS you will have to be
committed to pay your installments.
Solution:
A B C
1 Rate 0.01
monthly rate.
2 PMT -550
3 PV 20000

5 Type 0
This result represents the total number
of installments that you have to pay, so
we have to divide it over 12 to get
6 Result (NPER) 45.42413015
Number of years which will be
(3.785344179) and this is the right
answer in this case.

Group II
(IPMT-PPMT-CUMIPMT-CUMPRINC)

Introduction
In that group we are going to illustrate the payment value (that the bank receives from
the client in case of loans; or the client pays to the bank, or vice versa in case of
investments).
Payment (PMT) from the client perspective is the amount of money that he/she pays to
settle the loan amount, but from the bank perspective is divided into two parts;
Principal Payment Interest Payment
 Is the amount of money that the client  Is the amount of money that the client
paid periodically in order to settle the paid periodically, the bank considers it as
amount of loan, when you sum them a profit for loans, when you sum them all;
all; you’ll get the total amount of loan you’ll get the total amount of money that
that the client received. the bank gains from the loan.
 We can get the Principal Payment for  We can get the Interest Payment for each
each period using PPMT function, and period using IPMT function, and it
it differs for each month. differs for each month.
 We can get the TOTAL Principal  We can get the TOTAL Principal
Payment for a certain period or the Payment for a certain period or the whole
whole period using CUMPRINC period using CUMIPMT function.
function.
For example:
A client got a loan from the bank with amount of 11,000 with annual interest rate of
16.38%, and he agreed to settle the whole amount of loan during ONE year (on monthly
basis) by paying 1000 each month, so the total payment that he is going to pay back to
the bank is 12000 (1000 monthly * 12 month of the year), the bank divide the monthly
payment which is 1000 into two parts; Principal Payment for each month (PPMT) &
Interest Payment for each month (IPMT), moreover we can calculate the total Principal
Payment for a certain period or even the whole period (CUMPRINC), and also the total
Interest Payment for a certain period or even the whole period (CUMIPMT).

From the previous example we found that
Function Value Function Value

Principal Payment for first month PPMT ($849.88)
PMT (1000)
Interest Payment for first month IPMT ($150.12)
Principal Payment for last month PPMT ($986.54)
PMT (1000)
Interest Payment for first month IPMT ($13.46)
And for the whole period we found that
Period Principal Payment Interest Payment
1 ($849.88) ($150.12)
2 ($861.48) ($138.52)
3 ($873.24) ($126.76)
4 ($885.15) ($114.85)
5 ($897.23) ($102.77)
6 ($909.48) ($90.52)
7 ($921.89) ($78.11)
8 ($934.47) ($65.53)
9 ($947.22) ($52.78)
10 ($960.15) ($39.85)
11 ($973.25) ($26.75)
12 ($986.54) ($13.46)
$1,000.00
$900.00
$800.00
$700.00
$600.00
$500.00
$400.00
$300.00
$200.00
$100.00
$0.00
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
Principal Payment Interest Payment

(Function 6) IPMT:
Returns the interest payment for a given period for an investment based on periodic,
constant payments and a constant interest rate (and it is a part of payment that contains
of two parts “Interest Payment – Principal Payment”).
Syntax: IPMT(rate, per, nper, pv, [fv], [type])
Rate: The interest rate, per period
PER: The period for which the interest payment is to be calculated (must be an integer
between 1 and nper)
NPER: The number of periods over which the loan or investment is to be paid
PV: The present value of the loan / investment
FV: The future value of the loan or a cash balance you want to attain after the last
payment is made.
assumed to be 0.

Example IPMT
You obtain a three-year car loan (monthly payments) for $20,000 at an

annual rate of 12%. What is the interest payment for the final year of
the loan?
Solution:
A B C
1 Rate 0.01
monthly rate.
2 NPER 36
get the NPER.
3 PV 20000

5 Type 0
6 Period Interest Payment
25 ($74.77)
26 ($68.87)
We started the period from month # 25
27 ($62.92)
because we need to calculate the final
28 ($56.90) year interest payment.
29 ($50.83)
30 ($44.69) FYI: if we need to calculate interest
31 ($38.50) payment for the first year, we will start
from month # 1 and end with month #
32 ($32.24)
12
33 ($25.92)
34 ($19.54)
35 ($13.09)
36 ($6.58)

(Function 7) CUMIPMT:
Returns the cumulative interest paid on a loan between start_period and end_period.
Syntax: CUMIPMT(rate, nper, pv, start_period, end_period, type)
NPER: The number of periods over which the loan or investment is to be paid
Start_Period: The number of the first period over which the interest is to be calculated
(must be an integer between 1 and nper)
End_Period: The number of the last period over which the interest is to be calculated
(must be an integer between 1 and nper)
Type: An integer (equal to 0 or 1), that defines whether the payment is made at the start
or the end of the period.

Example CUMPMT

annual rate of 12%. What is the TOTAL interest payment for the final
year of the loan?
Solution:
A B C
1 Rate 0.01
monthly rate.
2 NPER 36
get the NPER.
3 PV 20000
4 Type 0
The start period is 25 and the end period
5 Start Period 25 is 36 because we need to calculate the
final year TOTAL interest payment that
6 End Period 36
starts with month # 25 and ends with
the month # 36.
Total Interest FYI: if we need to calculate the TOTAL

7 ($494.84)
Payment interest payment for the first year, then
the start period will be 1 and end period
will be 12

(Function 8) PPMT:
Returns the payment on the principal for a given period for an investment based on
periodic, constant payments and a constant interest rate.
Syntax: PPMT(rate, per, nper, pv, [fv], [type])
between 1 and nper)
NPER: The total number of payment periods in an annuity
payment is made.
assumed to be 0.

Example PPMT

annual rate of 12%. What is the principal payment for the final year of
the loan?
Solution:
A B C
1 Rate 0.01
monthly rate.
2 NPER 36
get the NPER.
3 PV 20000

5 Type 0
6 Period Principal Payment
25 ($589.52)
26 ($595.42)
We started the period from month # 25
27 ($601.37)
because we need to calculate the final
28 ($607.38) year principal payment.
29 ($613.46)
30 ($619.59) FYI: if we need to calculate principal
31 ($625.79) payment for the first year, we will start
from month # 1 and end with month #
32 ($632.05)
12
33 ($638.37)
34 ($644.75)
35 ($651.20)
36 ($657.71)

(Function 9) CUMPRINC:
Returns the cumulative principal paid on a loan between start_period and end_period.
Syntax: CUMPRINC(rate, nper, pv, start_period, end_period, type)
between 1 and nper)
NPER: The total number of payment periods in an annuity
payment is made.
assumed to be 0.

Example CUMPRINC

annual rate of 12%. What is the TOTAL principal payment for the final
year of the loan?
Solution:
A B C
1 Rate 0.01
monthly rate.
2 NPER 36
get the NPER.
3 PV 20000
4 Type 0
The start period is 25 and the end period
5 Start Period 25 is 36 because we need to calculate the
final year TOTAL principal payment
6 End Period 36
that starts with month # 25 and ends
with the month # 36.
Total Principal FYI: if we need to calculate the TOTAL

7 ($7,476.59)
Payment principal payment for the first year, then
the start period will be 1 and end period
will be 12

Capital Budgeting

Capital Budgeting
The process in which a business determines whether projects such as building a new
plant or investing in a long-term venture are worth pursuing. Oftentimes, a prospective
project's lifetime cash inflows and outflows are assessed in order to determine whether
the returns generated meet a sufficient target benchmark.
Popular methods of capital budgeting include:
1. Net Present Value (NPV).

2. Internal Rate of Return (IRR).
3. Discounted Cash Flow (DCF).
4. Payback Period.

(Function 10) NPV:
The Net Present Value (NPV) is defined as the sum of the present values (PVs) of
incoming cash flows (positive values) and outgoing cash flows “Initial Investment”
(negative value) over a period of time, NPV is used in capital budgeting to analyze the
profitability of a projected investment or project.
Syntax: NPV(Rate, value1, [value2],…)
Rate: The rate of discount over the length of one period, and also refers to the interest
rate used in discounted cash flow (DCF) analysis to determine the present value of
future cash flows. The discount rate in DCF analysis takes into account not just the time
value of money, but also the risk or uncertainty of future cash flows; the greater the
uncertainty of future cash flows, the higher the discount rate.
This workaround requires that you NOT include the initial investment in the future
income for the investment (ie: value1, value2, ... value_n), but instead, you need to
subtract from the result of the NPV function; the amount of the initial investment.
The workaround formula is also different depending on whether the cash flows occur at
the End Of Period (EOP) or at the Beginning Of Period (BOP).
 If the cash flows occur at the End Of Period (EOP), you would use the following
formula:
=NPV(Rate, value1, value2, ...) - Initial Investment
 If the cash flows occur at the Beginning Of Period (BOP), you would use the
following formula:
=NPV(Rate, value2, ... value_n ) - Initial Investment + value1

(Function 11) XNPV:
Returns the net present value for a schedule of cash flows that is not necessarily
periodic. To calculate the net present value for a series of cash flows that is periodic, use
the NPV function.
Syntax: XNPV(Rate, values, dates)
Rate: The discount rate to apply to the cash flows.
Values: A series of cash flows that corresponds to a schedule of payments in dates. The
first payment is optional and corresponds to a cost or payment that occurs at the
beginning of the investment. If the first value is a cost or payment, it must be a negative
value. All succeeding payments are discounted based on a 365-day year. The series of
values must contain at least one positive value and one negative value.
Dates: A schedule of payment dates that corresponds to the cash flow payments. The
first payment date indicates the beginning of the schedule of payments. All other dates
must be later than this date, but they may occur in any order.

(Function 12) IRR:
Returns the internal rate of return for a series of cash flows represented by the numbers
in values. These cash flows do not have to be even, as they would be for an annuity.
However, the cash flows must occur at regular intervals, such as monthly or annually.
The internal rate of return is the interest rate received for an investment consisting of
payments (negative values) and income (positive values) that occur at regular periods.
Syntax: IRR( values, [guess] )
Values: A reference to a range of cells containing the series of cash flows (investment
and net income values)
(must contain at least one negative and at least one positive value)
[Guess]: An initial guess at what you think the IRR might be. This is an OPTIONAL
ARGUMENT, which, if omitted, takes on the default value of 0.1 (=10%)

(Function 13) XIRR:
Returns the Internal Rate of Return for a supplied series of cash flows (ie. a set of
values, which includes an initial investment value and a series of net income values).
Unlike the Excel IRR function, the series of cash flows for the XIRR calculation do not
necessarily have to be periodic.
Syntax: XIRR( values, dates, [guess] )
Values: A reference to a range of cells containing the series of cash flows (the initial
investment and the net income values).
(Must contain at least one negative and at least one positive value)
Dates: A series of dates, corresponding to the cash flows.
The first date is the start of the loan/investment period and the subsequent dates refer
to the income values. Therefore, subsequent dates must be later than the first date.
[Guess]: An initial guess at what you think the IRR might be. This is an optional
argument, which, if omitted, takes on the default value of 0.1 (=10%).
(Note: the [guess] is only a value for Excel to start off working with - Excel then uses an
iterative procedure to converge to the XIRR).

Excel Tools
What IF Analysis
(Goal Seek – Data Table)

Goal Seek:
Goal Seek is a built-in Excel tool that allows you to see how one data item in a formula
affects another. You might look at these as “cause and effect” scenarios. It is useful to
answer “what if” type questions because you can adjust one cell entry to see the result.
The tool is often used in finance, sales, and forecasting scenarios, but there are other
uses.
Example 1
Your Sales amount now is 120,000 and

the Commission rate is 5.5%, so you
will got 6,600 as a Commission value.
- If you want to know the sales amount that you must

achieve to take a commission value of 10,000, you should
use What IF analysis  goal seek and then; you need to
select the cell containing the formula that will return the
result you are seeking (referred to as the set cell in the Goal
Seek dialog box). Then indicate the target value you want
the formula to return as well as the location of the input
value that Excel can change to reach this target.
In our example, you will choose the cell

C2 in the Set cell box, and you will enter
the value that you want in the To value
box (which is 10,000 in our example, and
in the By changing cell box you will choose the cell A2, which will be changed to
181,818.18
Example 2
You want to buy a new car that costs $100,000, you can pay monthly installments for 3
years, you went to the bank to take a loan, and the bank representative told you that
they would deduct 10% annual interest rate
A- Calculate how much money you will pay at the beginning of each month.
B- What is the amount of money that you will take now if you can pay only 2500 at the
beginning of each month

Answer
A- In that case your payment will be

-3200.05
B- you will choose the cell C7 in the
Set cell box, and you will enter
the value that you want in the To
value box (which is 2,500 in our
example, and in the By changing
cell box you will choose the cell
C4, which will be changed to
78123.74

CSC201 Excel Materials

Загружено:

Сведения о документе

Авторское право

Доступные форматы

Поделиться этим документом

Поделиться или встроить документ

Параметры публикации

Этот документ был вам полезен?

Это неприемлемый материал?

Авторское право:

Доступные форматы

CSC201 Excel Materials

Загружено:

Авторское право:

Доступные форматы

Computer Applications for Management

CSC201 (EXCEL2016) Page 1 of 36

Statistical and Math Functions ................................................................................................................. 3

Financial Functions .................................................................................................................................... 4

(Function 1) PV: .................................................................................................................................. 5

(Function 6) IPMT: ........................................................................................................................... 20

(Function 10) NPV:........................................................................................................................... 30

What IF Analysis .................................................................................................................................. 34

Goal Seek: .......................................................................................................................................... 35

CSC201 (EXCEL2016) Page 2 of 36

Average: Returns the average of the specified numbers

Count: Counts how many numbers are in a given range

MAX: Returns the maximum number in a specified range

MIN: Returns the minimum number in a specified range

CSC201 (EXCEL2016) Page 3 of 36

CSC201 (EXCEL2016) Page 4 of 36

Syntax: PV(rate, nper, pmt, [fv], [type])

Rate: is the interest rate period.

NPER: is the total number of payment periods in an annuity.

Payment Rate NPER

Annually Rate/1 Years * 1

CSC201 (EXCEL2016) Page 5 of 36

Type: is the number 0 or 1 and indicates when payments are due.

CSC201 (EXCEL2016) Page 6 of 36

4 FV 0 FV is set to be 0 because of the Loan.

Type is set as 1 because PMT is made at

CSC201 (EXCEL2016) Page 7 of 36

Syntax: FV(rate, nper, pmt, [pv], [type])

Rate: The interest rate per period.

NPER: The total number of payment periods in an annuity.

CSC201 (EXCEL2016) Page 8 of 36

2 NPER 3 Number of years will be as it is.

PV is set to be -50000 because it is the

5 Type 0 Type is set as 0 because there is no PMT.

FV is positive because it is the value that

CSC201 (EXCEL2016) Page 9 of 36

Syntax: PMT(rate, nper, pv, [fv], [type])

Rate: The interest rate for the loan.

NPER: The total number of payments for the loan.

CSC201 (EXCEL2016) Page 10 of 36

4 FV 0 FV is set to be 0 because of the Loan.

Type is set as 1 because the PMT will be

CSC201 (EXCEL2016) Page 11 of 36

Syntax: RATE(nper, pmt, pv, [fv], [type], [guess])

NPER: The total number of payment periods in an annuity.

Type: The number 0 or 1 and indicates when payments are due.

Guess: Your guess for what the rate will be.

If you omit guess, it is assumed to be 10 percent.

CSC201 (EXCEL2016) Page 12 of 36

4 FV 0 FV is set to be 0 because of the Loan.

Type is set as 0 because we don’t know

6 Result (Rate) 11.39% The annual interest rate.

CSC201 (EXCEL2016) Page 13 of 36

4 FV 0 FV is set to be 0 because of the Loan.

Type is set as 0 because we don’t know

CSC201 (EXCEL2016) Page 14 of 36

Rate: The interest rate for the investment.

CSC201 (EXCEL2016) Page 15 of 36

4 FV 0 FV is set to be 0 because of the Loan.

Type is set as 0 because we don’t know

CSC201 (EXCEL2016) Page 16 of 36

CSC201 (EXCEL2016) Page 17 of 36

Principal Payment Interest Payment

CSC201 (EXCEL2016) Page 18 of 36