Question: What does the IFERROR function do in a formula, and how is it correctly applied? It checks for any error in the formula and returns

What does the IFERROR function do in a formula, and how is it correctly applied?
It checks for any error in the formula and returns a specified value if an error is found.
It increases the calculation speed of formulas by ignoring any errors that occur.
It identifies and highlights cells that contain errors without altering the cell's value.
It automatically corrects any errors found in the formula to the most likely correct value.
What does the IFERROR function do in a formula, and how

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