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Default If statement

I'm trying to use "IF" to do a calculation. What I need to do is run one of
two calculations based on the contents of a cell. Example: If A1="Salary"
Sum(B1*12). If A1="Hourly" Sum(B1*2080). A1 is always going to be either
Salary or Hourly and B1 is the rate of Pay. This is to calculate an annual
salary. Please help
 
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