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Default NETWORKDAYS

I received a WS with the function NETWORKDAYS being used
as follows

=NETWORKDAYS(BO91,BU91,holidays)-1

where

BO91 = Start Date
BU91 = End Date
holidays = the header cell on a range of dates in another
worksheet.

my questions....How does the function know that holidays
is a range and how can I assess that condition.
 
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