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Default If Satement formula

I have a commission base of £40000 to £80000 I have tried to put a statement
together but end up with negative or positive valves if go above or below
range
eg
"=IF($I$16=80000,(40000*$K$16),IF(I16<80000,( I16-40000*K16),IF(I16<40000,(0))))
using excel 2003 SP3
 
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