I need to create a formula in excel 2010 which will calculate motor vehicles duty.
The duty currently payable is $3 for every $100 (or part of $100) of its value. However the duty on vehicles valued at $45 000 or more (not including motor cycles, buses for more than 9 people including the driver, hearses and invalid conveyances) is $1350 plus $5 for every $100 (or part of $100) over $45 000.