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Pivot Table Formula help

Do "if" statements work in a Pivot Table formula? If so can I nest them like
in "regular" excel? I have the following formula and I don't get any syntax
error, but it doesn't work. I need this behavior in the pivot report, not in
the underlying Range.

=IF('Time Type'="actual",May*184,IF('Employee or
Source'="external",May*160,May*120))

Thanks - Russ

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