Formula for calculating a value based on tiered percentage rates

Hi All,

I am trying to make a formula that will calculate a Premium figure from tiered percentage rates based on Hammer price. These terms relate to auction sales.

The criteria is below and relates to currency:

Hammer price is the amount an item sold for = Range("A1")
Premium is the cut, inclusive of VAT, that the auction house makes = Range("A2")

Premium is calculated from the hammer price as follows: 30% of first £50,000,
plus 24% of next £950,000, plus 14.4% thereafter.

I have tried IF statements in various forms but still can't wrap my head around how to approach this. Any help would be greatly appreciated.

Thanks,
d_max_c

Hi gak67,

Thank you for this solution, it works perfectly. I was not aware of MIN/MAX statements. I will need to take a closer look at your formula to see how it works.

Again, many thanks!