nested if formula claims there are too many arguments

But I've read that the new versions of excel allow for up to 64 nested if functions.
I need to nest about 5 if functions, but after I write out the 3rd excel says there are too many arguments.



=IF(INDEX(vlookup!$D$2:$D$157,MATCH($F16,vlookup!$B$2:$B$157,0))="CPM", INDEX(vlookup!$E$2:$E$157,MATCH($F16,vlookup!$B$2:$B$157,0))*(J16/1000), IF(INDEX(vlookup!$D$2:$D$157,MATCH($F16,vlookup!$B$2:$B$157,0))="CPA", INDEX(vlookup!$E$2:$E$157,MATCH($F16,vlookup!$B$2:$B$157,0))*(L16), IF(INDEX(vlookup!$D$2:$D$157,MATCH($F16,vlookup!$B$2:$B$157,0))="dCPM", 0.04*(j3/1000))), IF(INDEX(vlookup!$D$2:$D$157,MATCH($F16,vlookup!$B$2:$B$157,0))="dCPC", 0.008*k3, "calc"))

ANy help would be greatly appreciated.

Thanks!