Help with creating nested IF function

Hi,

I have a dropdown box for selecting "How many people" with the following values

500
501 - 1000
1001 - 2000
2001 - 5,000
5,001 - 10,000
10,001 - 50,000
50.001 - 100,000
100,000 +

I want to be able to populate another cell in the sheet with a formula that calculates price, based on which value is picked from the dropdown box. E.g. IF dropdown = 500 then price is $100, IF dropdown = "501 - 1000" then price is $200... and so on.

I tried to create a Nested IF statement but I got an error: "you've entered too many arguments for this function".

Is there another way to do this?

Many thanks

Thanks Oeldere and Richard - I looked up how to make VLOOKUP work, after a bit of trial and error I managed to get it working what a great solution!

For anyone else wanting something similar I used the guide here:
http://www.excel-university.com/sele...le-attributes/

and here
http://www.contextures.com/xlOrderForm01.html

Thanks again..