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Default Sum based on Range Criteria

I have a formula that I created based on other examples that I saw in the
discussion group. Just wondering if this is the simplest formula for this
example. I am using this formula to sum all values in column BC when values
in BD are greater/equal to 500 but less than 600.

=SUMPRODUCT(--(BD$5:BD$98=500),--(BD$5:BD$98<600),BC$5:BC$98)

Also, can someone explain what the -- prior to the criteria does?


 
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