I put a new formula =if(C1="Y",1.2) in A!. I get the same result. I even
deleted C1 just to be sure there was nothing in it. Now I added a new sheet
to this same workbook, put in the same formula and and got the correct
answers. What could be possible wrong with the original sheet to yield this
result?
The only thing that comes to mind is that you have format or conditional
format options that are selecting the same color for foreground and
background.