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Default creating formula to return one of several values

Have column with dollar values that correspond to fractions representing
thickness of materials (ie cell shows $7.00 - which is the cost of 1/4"
material)
I want to create another column which will parse the cell with the dollar
value and enter the corresponding fractional value for material thickness
based on the 6 different cost values that could be in the cell and the
related fraction that I want to be populated in the cell of the new column.
How do I create this formula?
 
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