Excel 2007 : will IF statements work for this issue?

I seem to be having a problem in determining which formula is the proper one to get the desired outcome. I have a data cell with text, and a data cell with numbers. One is to equal the other. The text column inlcudes a drop-down menu with five options. Each option has a corresponding dollar amount. I am trying to get the drop-down to automatically enter the numbers in the column containing the numbers.

Such as this:
I am setting up an invoice ticket for construction. We have different employees with different trades, which also means a different payscale. I am trying to set it up so that once their trade is entered, the value of that trade is automatically entered in a cell next to it. I thought the IF formula would work, but I am not using all values so I can't get it to work properly.

Example:
I11=Trade (I've created a drop-down list with all five trades that apply)
L11=Hourly Rate (As it stands I manually enter their rate)

So in a perfect (Excel) world, if I choose "Foreman" from the drop-down menu, the L11 cell will be automatically filled with the Foreman's hourly rate.

THANKS!

Liz, please don't start a new thread every time you're asked to change the title.

Set up a table that has the trade in the first column and the rate in the next column. Say this table is in X1 to Y5.
Then in L11 you can use

=vlookup(i11,$X$1:$Y$5,2,false)

I'm SO SO sorry! I thought everytime they asked me to re-do it that meant they deleted the last one. Thank you so much for your help -- this is my first time using the site!

=vlookup(i11,sheet1!$X$1:$Y$5,2,false)

here is an example u can use

Unfortunately this solution is not working for me.

Why not? You need to adjust the ranges to the location your data, of course.

With your explanation above, this formula in cell L1 and copied down

=vlookup(i1,sheet1!$B$1:$C$10,2,false)

If that does not work, then post a sample file with your data layout. One little file is worth more than a hundred explanations.

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You might want to re-read the Thread Title rule because this title doesn't really comply