Differentiate between a function and a formula
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So in summary, a formula is any calculation in Excel, but a function is a pre-defined calculation. =MAX(A1:B20) is a formula containing a function. Mastering the use of functions in formulas is a key skill in learning financial modelling.
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A formula is statement written by the user to be calculated.A formula is an expression which calculates the value of a cell. Functions are predefined formulas and are already available in Excel.
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