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Default If Statement Problem

I am trying to update a spreadsheet with if statements. I have done well in
the past but this one is puzzling. I am trying the following statement =IF
(B7=AX,F7*2.95%,"NA") and it isn't working. It will work fine if I replace
the AX with numeric characters. Does any of the Excel gods know how I can
either fix this or have a work around?

Thanks!!!!