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It’s generally not a good idea to put constants in formulas, because they can be hard to find if you need to update later, and they are more prone to being typed incorrectly.
It’s much better to put your constants in cells, where they are out in the open and easily referenced.
For example, the formula ="Today is " & TEXT(TODAY(),"dddd, mmmm dd") combines the text "Today is " with the results of the TEXT and TODAY functions, and returns say something like Today is Monday, May 30.
In the formula, "Today is " has a space before the ending quotation mark to provide the blank space you want between the words "Today is" and "Monday, May 30." Without quotation marks around the text, the formula might show the #NAME? When you type a reference to values or cells in another worksheet, and the name of that sheet has a non-alphabetical character (such as a space), enclose the name in single quotation marks (').
Excel throws a variety of hash (#) errors such as #VALUE! Excel displays the above dialog box to make sure that the formulas in the current spreadsheet always point to the most updated value, in case the reference value has changed.
You can choose to update the references, or skip if you don't want to update.
For example, the UPPER function accepts only one string of text or cell reference as its argument: =UPPER("hello") or =UPPER(C2) Also, some functions, such as SUM, require numerical arguments only, while other functions, such as REPLACE, require a text value for at least one of their arguments.For example, the formula =IF(B5 Excel functions have arguments—values you need to provide for the function to work.Only a few functions (such as PI or TODAY) take no arguments.When you type something like SUM(A1: A10), Excel shows the text string SUM(A1: A10) instead of a formula result.Now if you type 11/2, Excel shows a date, such as 2-Nov or 11/02/2009, instead of dividing 11 by 2.