Excel2003 ... The following formula works, but I am thinking it can be
simplified by those intimate with Excel ...

=IF(AND($F$3="Y",C12=1),(D12/8)*(5/7),IF(AND($F$3="Y",C12=2),(D12/16)*(5/7),IF(AND($F$3="Y",C12=3),(D12/21.5)*(5/7),IF(AND($F$3="N",C12=1),D12/8,IF(AND($F$3="N",C12=2),D12/16,IF(AND($F$3="N",C12=3),D12/21.5,""))))))

Thanks ... Kha