When you enter a formula into a cell,Excel interprets cell references in the formula in relation to the cell's location.

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This is true. When a formula is entered into a cell, cell references are interpreted in relation to the cell's location. For example, if a formula references cell A1 and is placed in cell B2, Excel will assume that the reference is to the cell that is one column to the left (A) and one row above (1) the cell that contains the formula (B2).

When You Enter a Formula into a Cell,Excel Interprets Cell