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# » Saving a Frequently Used Formula/Numeric Value in the Name, Refers to Box in Excel 2007

Example 1:
Apply a Name to a formula that returns the number of the previous year number: = YEAR(TODAY())-1

To define a Name that returns the number of previous year:

1. Right click and select Name a Range.
2. In the Name box, type LastYear.
3. Type the formula =YEAR(TODAY())-1in the Refers to box, and then click OK.
 To enter last year number into a cell:
1. Type the equal (=) symbol, and then press F3 (to open the Paste Name dialog box).
2. Select the Name LastYear, and then click OK.

Example 2:
Define a Name that stores an exchange rate of 0.78 for 1 Euro vs.
1 Dollar.

To define a Name that stores a value:

1. Right click and select Name a Range.
2. In the Name box, type Euro.
3. Type the formula =0.78 in the Refers to box, and then click OK.
4. Enter a dollar amount in cell A1.
5. In cell B1, type the formula =A1*Euro.

To update a value saved in Refers to box:

1. Press Ctrl+F3.
2. Select the Name Euro.
3. Click Edit, update the value of the exchange rate in the Refers to box, and then click OK.

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