As an example, let's find out commissions for a number of sellers based on the amount of sales they've made: Commission Sales 3% $1- $50 5% $51 - $100 7% $101 - $150 10% Over $150 1. In this example of a nested IF Statement, breakout and explain each part of the formula to determine how the commission rates will be calculated: IF(B2>=150, 10%, IF(B2>=101, 7%, IF(B2>=51, 5%, IF(B2>=1, 3%,"")). 2. Why would you use a V lookup function as opposed to a Nested If statement? 3. Give a real-life scenario in which you may have used or can implement the Nested If or V lookup functions in your daily or weekly tasks.