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Default If statements in a Vlookup.

I have a Vlookup worksheet that the formula works. It is below

=PRODUCT(VLOOKUP($B3,'PTO '!$A$2:$BM$61,42),$C$3)

This is for a PTO calculation by month. When an employee receives a raise I
have added a current date column (E6) and new rate column (D6). The next
month would be in the O1 position. I want the PTO to be calculated at the
higher rate if there has been a salary increase. I have been trying to add
the following to my formula and not having the right results.

*if( E5<O1, D6, C6)

Anyone have any ideas?



 
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