Vacation Accrual Formula?

We have two categories of employees, Full Time and Temporary. Full time employees earn 2.5 days of vacation every month; if a Full time employee is terminated in the first 15 days of a month (date entered in column E), they get 1.5 days of the month's accrual. If terminated after the 16th, the employee will get the full month's accrual.

Is there a way to create a formula in column Y that returns one of three values 2.5 or 1.25 for Full Time employees or 0 for Temporary.

Thanks in advance to anyone who can assist.

Yes, assuming that the vacation year runs from January to December, if a termination date is entered in cell E1, the formula would be:

=((VALUE(TEXT(E1,"mm"))-1)*2.5)+IF(VALUE(TEXT(E1,"dd"))<16,1.5,2.5)

Thanks gunrgraham. Don't think that's the formula I'm looking for, the formula has to be able to calculate a value even if Cell in Column E is blank ie it still needs to return a value (2.5) for employees that haven't terminated employment.

Suggested formula also doesn't seem to address the Temporary employees who don't accrue vacation. Not sure if its possible but the formula also has to incorporate Column H. I've tired various iterations of IF funcion but can't seem to figure out a solution that would return one of 3 results (1.25 or 2.5 for Full time employees and 0 for temporary)

Perfect dredwolf. Thank you so much. The slimmer version worked. Really appreciate the help on this one.