USING NAMES FOR CONSTANTS OR FORMULAS

In addition to using Names to name cells

or ranges, you can also
name constants or
formulas, these constants or formulas dont have
to appear in a cell. This is a good way of
storing a constant or a formula that
may have to be used several times.
An example worksheet called NAMI
NG FORMULAS has
been created in the
Advanced
Excel Exercises
workbook, should you wish to
try out this feature.
Naming a constant
Imagine having to work out someones holiday
leave loading. You might have the leave
loading in a cell (
H6
in the example below), so that you
can use this value in a formula. By
having the value in a separate cell, if the
leave loading rate ever changes you would only
have to change the value in
H6
and all formulas referring to this cell would update.
The formula in this case is

=(D5/52)*4*$H$6
, i.e. the salary divided by 52 weeks,
multiplied by 4 weeks and then multiplied by 17.5%.