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Default select from list and get value from another list

What formula can I use to fill in cell I7 with a value from a list (in column
L) using another list (in column K).

The scenario: I have a list of prices (column L) associated with a list of
descriptions (column k) and want to be able to pick a description in a
drop-down menu in cell I7 and have the associated price pop up in that same
cell. Is this even possible?
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