Would anybody care to explain.....

[summyx]

The VLOOKUP formula? Sometimes I get it, other times I don't

[nacho]

A VLOOKUP is basically a formula which LOOKS UP a cell and makes reference to a reference cell to return a value, look at the attached image for aid.

What's happened here is,
The lookup cell, B13, contained a number - 5000. The formula then went to the reference cells, F14:H17.
It looked for the row with which 5000 would fall in between.
This was the 4001 to 7000 row.
The second last part of the formula, "3" tells the formula how much tax is to be applied.
It is 10%.
The last part tells the formula to multiply 10% by 5000, to give us 500.

[summyx]

^ I read this just before the exam and it really helped. Thank you very much