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Default IF statement on a range of cells in Excel 2007

Hi,

I'm trying to put up this formula:

=SUM(IF((G17:G31="Y"),($C17:$C31*80),0))

so that it multiplies with 80 and then sums all those values C17 through C31
for which values of G17 through G31 are Y.

But this gives me a value error in excel. When I remove the range and enter
a single cell, it works fine. I'm not sure what I'm doing wrong here.
 
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