Compound IF statement in Excel

This is just beyond my expertise.  Cell i87 contains may contain any positive, negative or zero value.  I am only concerned with performing a calculation in J87 when I87 contains a positive value.  

So, when I87 is greater than 1,000,000, J87 should be (I87-1,000,000) x 7.6% + 56,000.
 when I87 is >500,000 but less then  <1,000,000, then J87 should be (I87-500,000) x 6.4% + 24,000.
when i87 > 0 but less then 500,000 then j87 should (i87 X 4.8%)
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Bill GoldenExecutive Managing MemberAsked:
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Missus Miss_SellaneusCommented:
With this, the second case will be >500,000 and <= 1,000,000. You can either go with that or change the first part to I87>= 1000000. Also if I87 is 0 or less than 0, it will return 0. If you want something else in that case change that last 0 before the three right parenthesis at the end.

=IF(I87>1000000,(I87-1000000)*0.076+56000,IF(I87>500000,(I87-500000)*0.064+24000,IF(I87>0,I87*0.048,0)))
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Ryan ChongCommented:
similarly, you can also use percentage in your formula, like place this into cell J87:
=IF(I87>1000000,(I87-1000000)*7.6%+56000,IF(I87>500000,(I87-500000)*6.4%+24000,(I87*4.8%)))

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byundtMechanical EngineerCommented:
When there are different percentages applied to different brackets, I like to rewrite the formula to add MAX functions times percentages rather than use a confusing set of nested IF statements. For example:
=MAX(0,I87)*4.8%+MAX(0,I87-500000)*1.6%+MAX(0,I87-1000000)*1.2%

Because each percentage is applied to I87 and the bottom of the bracket, you need to restate the percentages as incremental amounts. So 4.8%, 6.4% and 7.6% would become 4.8%, 1.6% and 1.2% incrementally (6.4%- 4.8% = 1.6% and 7.6% - 6.4% = 1.2%).
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Bill GoldenExecutive Managing MemberAuthor Commented:
All three work.  Missus Miss_Sellaneus is the easiest for me to understand and modify when it comes to variations.  I do want to study the MAX approach and see if I can grasp the bigger picture.

Thanks guys.
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