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Default if statements

Can anyone help me with the following I am getting a value error from this
statement
=IF(A18:A32=D3),"eff","not eff"
On worksheet Sheet2 there is a data table in range A17 J32 showing a
rate table and starting effective dates from top to bottom in column A. The
rate in each row is effective for the date found on the left and effective
until a new row and date are entered below that row. Example: The rates in
row 20 are effective from 5/1/2004 until 10/1/2004.

In cell E7 write a formula that will display the phrase, Effective Date in
the cell if the date entered in cell D3 is a date a rate became effective.
If a match to the date cannot be found in column A, the formula should
display Not an Effective Date.
Thanks
 
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