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Default If Forumla

I'm so sorry I need help!!!!
I'm trying to do an "IF" formula but I'm not very knowledgeable with that
formula.
This is what I'm needing for example:

IF L57="A", 1.10, "B", 1.40, "C", 1.20

I hope that makes sense! No matter what I do it won't work. I'll try to
explain better if I need to.

 
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