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The Corporate Finance Institute ExcelThe formula to be used in finding the first runner-up will be:The formula to be used in finding the second runner-up will be:We get the following results:corporatefinanceinstitute.com204
The Corporate Finance Institute ExcelThings to remember about the SMALL Function1. #NUM! error – Occurs when:• The given array is empty; or• The given value of k is less than 1 or greater than the number ofvalues in the given array.2. #VALUE! error – Occurs if the given k is non-numeric.3. If n is the number of data points in an array, SMALL(array,1) equals thesmallest value, and SMALL(array,n) equals the largest value.4. Sometimes, the SMALL function will return a wrong value, or will return a#NUM! error, even though the supplied value of k is between 1 and thenumber of values in the supplied array. It will occur when we provide textvalues or text representations of numbers within the supplied array. Thefunction ignores text values. Therefore, this problem may arise if the valuesin the supplied array are text representations of numbers, instead of actualvalues. We can solve this issue by converting all array values into numericvalues.Click here to download the sample Excel filecorporatefinanceinstitute.com205
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