I'm trying to make a formula that will calculate a markup on goods sold.
Items below $1 are marked up 500% (*6), $1.01-$3 are 400% (*5), $3.01 - $5.00
are 300% (*4), etc.

How can I create a formula that will look at our cost for an item in cell B1
and return the correct standard markup in another cell according to the
original cost?

I had started out with:

=OR(IF(B1<1, B1*6, 0)),IF(AND(B1.99, B1<3.01), B1*5,0),IF(AND(B13.00,
B1<5.01),B1*4,0))

But it didn't work for me.

TIA