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Default nested if with named formula

Hi. I need to be able to figure out the number of working days per month
based on 17 individual work calendars. I have used Chip Pearson's workaround
for more than 7 nested ifs and it works great. Problem is I have three
named formula and when I do a nested if using the names, it doesn't work.
Works fine if I only use two named fomula. Anyone have any ideas? Oh, the
boss doesn't want me to use code -- just formulas. Thanks in advance.
 
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