question archive Sale amounts (Cost) of $1000 and over earn 5%

Sale amounts (Cost) of $1000 and over earn 5%

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Sale amounts (Cost) of $1000 and over earn 5%.

Sale amounts less than $1000 but more than $500 earn a commission of 2%.

Sale amounts less than $500 do not earn a commission.  

What is an IF excel function that will satisfy these 3 constraints

 

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I have shown the formula for satisfying the 3 requirements. Column A is hypothetical data for validating all the set requirements. To arrive at the same answer follow the steps below:

Let's assume that sales amount is x. Then;

=IF(x <500,0, IF(x>1000,5%*1,000, IF(x<1,000>500,2%*x,0))

Please see the attached file for the complete solution

 

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