=VLOOKUP(MAX($A:$A),$A:$A,1)

This function is meant to provide the value displayed in the lower-
most/last active cell in column A. It is provided as a solution to
someone who has a list of figures in a spreadsheet, the last cell of
which is the most up to date figure available and needs to be
displayed elsewhere on the sheet, especially if the last active cell
is constantly changing.

However, I thought MAX( ) would display the largest figure in the
column - not the figure in the largest row number occupied. But the
function does actually work - it displays whatever is in the final row
occupied of column A; even if the last row is the smallest figure in
the column!

Can anyone provide an explanation of why?

Steve