Equations using arrays

[nikolasm]

Hello,

I'm having some trouble using arrays. The following example will help me explain my problem:

COL A
pen
paper
eraser
pencil

I would like to write a formula along the lines of:

if("pen"=$A$2:$A$5,"Y","N")

My hopes is that because "pen" is contained in the array this function would return "Y" but instead I get #VALUE!. This is what I get when i put the above example in verbatim. Any suggestions?