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How To Use Named Ranges
Another underused feature of Excel is Named Ranges. Named Ranges allow you to assign a meaningful name to a cell or range of cells and then use that name instead of the actual cell reference in your formulas. A name is easier to remember when you are constructing your formulas.
For example, assume you have a workbook that contains a lot of formulas that contain a tax rate. You could simplify things by using one cell to store the tax rate, naming that cell 'Rate' and then, instead of using the cell reference in your formulas, you would use the name 'Rate'.
Using Named ranges help you to create easier to understand and well organized workbooks. Now whenever you need to change the rate, you just change it in one cell and all dependent formulas are instantly updated.
- Enter 45% (tax rate) in cell B5.
- To name the cell, select Insert, Name, Define.
- Type 'Rate' and click OK.
- Now, in cells C10:C15 enter some numbers.
- In cell D10 enter the formula =C10*Rate and copy it down to cells D11:D15.
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