The result #DIV/0! appears to be from the "OR" part of the formula.
OR(O2=0%,(P2-O2)/O2200%

I.e. in evaluating the second part of the OR it gets the fault
,........

You could change the IF formula to a triple nested IF

=IF(O2=0%,200%,IF((P2-O2)/O2200%,200%,(P2-O2)/O2))


--
bill k


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