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and ranges is a variation on that theme. This is a little advanced for this stage of the training, but it's an important time to mention it and this is probably where you'd be looking for it. So if I go up to the Insert menu and down to Name and Define. This is the long way around to define a range of cells with a name. So I can click on that and the dialog box that opens shows me all of the named ranges that I have in here. Here's my mistake. I'll delete that and we have our Third Quarter and the EmptyCell example that I put in earlier.
So let's add a new one. Let's go ahead and call this InterestRate and down here where it shows you what it refers to, let's clear that and put an interest-rate in of 10%. We'll say OK. Now the advantage of doing that is when you're using the interest rate in your formulas, you can say ThirdQuarter results times InterestRate, a very high level English statement, yet it's being calculated just like any other mathematical statement and if you use it repeatedly throughout your spreadsheet, especially a large complicated spreadsheet, than that interest rate can be changed by simply going back to the Name Define box, change the value from 10% to 11.5, and it will update all across your spreadsheet without having to go back and make individual changes to all of your formulae. That's very powerful when it comes to naming cells and ranges.
It should be obvious now why and when you're going to do that.
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