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Use the Excel IF function when you want to test something, and show one result if the test result is True, and a different result if the test result is False. In Excel 365, there is also an IFS function, which can replace multiple newsted IF functions.
A formula is an expression that calculates values in a cell or in a range of cells. For example, =A2+A2+A3+A4 is a formula that adds up the values in cells A2 through A4. The function is a predefined formula already available in Excel.