Excel assumes that any text in a formula is either a command word, such as a function name, or a reference to a cell, such as a named range.

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Excel does indeed assume that any text in a formula is either a command word or a reference to a cell. This is because Excel uses specific keywords and syntax to perform calculations and manipulate data. Any text that doesn't follow these rules will result in an error.

Excel Assumes That Any Text in a Formula Is Either