Ch3_Part3_notes - Chapter 3 Excel Functions Part 3(of 3...

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Chapter 3: Excel Functions, Part 3 (of 3) Chapter Skills for Chapter 3, Part 3 Use the VLOOKUP function to return a match based on a numeric range. Use the VLOOKUP function to return an exact match. Use the VLOOKUP function to return a match based on an alphabetic text range. Use financial functions to construct a loan calculator. Use financial functions to construct a loan amortization table. Build formulas that respond to error values produced by some portion of the formula. Chapter Vocabulary for Chapter 3, Part 3 VLOOKUP function (know its arguments, including the last argument which is optional). o lookup value o lookup table o column index o range match exact match #VALUE! (know what causes this error value) Financial functions (recognize functions we have used from this category) Chapter Demonstration 9: Use the VLOOKUP Function to Find a Numeric Range Match Assign a salary grade (A, B, C, etc.) to each employee based on a defined range of salary values for each salary grade. 1. Into the Salary Grade column, insert a formula that will enter the correct salary grade according to the salary grade table on the worksheet. The salary ranges in the salary grade table represent the lowest salary (lower bound) in the range. =VLOOKUP(K2,A18:B25,2) (No value is needed for the optional argument since we are looking up a range match.) 2. Copy the formula to remaining cells of the HR Rep column. What caused the error in the results? How can you fix it? 3. Make the table range reference absolute: =VLOOKUP(K2,$A$18:$B$25,2) OR Use a named range for the lookup table. Assign the name “SalaryGrades” (without the quotes) to the lookup table. Revise the formula to: =VLOOKUP(K2,SalaryGrades,2)
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Chapter Demonstration 10: Use the VLOOKUP Function to Find an Exact Match A human resources representative is assigned to each employee. The specific representative is determined by the employee’s department. 1. Name the table containing values for the Department HR representatives “rep” (without the quotes). Do not include the column headers in the named range.
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