It is dividing the value in cell AD11 by the value in cell Z20.

The $'s around the Z20 mean that if you drag or copy that formula to another
cell, the reference of AD11 will change but Z20 will remain (an absolute
reference).

--
Regards,
Dave


"lance559" wrote:

Reviewing excel spreadsheet, what function is being formed by the following
formula =+AD11/$Z$20 perform i.e, what does it mean?