How to Use VLOOKUP for Approximate Matches?
VLOOKUP for Tiered Pricing is a Excel function that searches for a value in the first column of a range and returns a corresponding value from another column based on an approximate match.. Formula Genius generates and validates this formula automatically from a plain-English prompt.
Finding the right rate in tiered pricing can be challenging; VLOOKUP with approximate match simplifies this process.
The Formula
"Use VLOOKUP with approximate match to look up a tiered pricing table or tax bracket and return the correct rate"
=VLOOKUP(A1, B1:C10, 2, TRUE)This formula searches for a value in the first column of a range and returns a corresponding value from another column based on an approximate match.
Step-by-Step Breakdown
- A1 is the lookup value you want to find.
- B1:C10 is the range containing the lookup table.
- 2 indicates that the return value will come from the second column of the range.
- TRUE specifies that you want an approximate match, meaning it will find the closest lower value.
Edge Cases & Warnings
- If the lookup value is less than the smallest value in the range, the formula returns an error.
- If the lookup value is exactly equal to a value in the first column, it returns the corresponding value correctly.
- If the data is not sorted in ascending order, the formula may return incorrect results.
Examples
"Lookup value 75 in a pricing table from 0 to 100"
The formula returns the rate corresponding to 75."Lookup value 150 in a tax bracket table"
The formula returns the highest rate applicable for values less than or equal to 150.Frequently Asked Questions
What happens if my data is not sorted?
VLOOKUP with approximate match requires the first column to be sorted in ascending order.
Can I use VLOOKUP for exact matches?
Yes, set the fourth argument to FALSE for exact matches.
What if the lookup value is outside the range?
The formula will return an error if the lookup value is less than the smallest value in the range.
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