formula for arriving at a result on condition

[msnarayanan]

dear sirs

i have a sheet with the following headers:
B C D
1 Name Amount tax
2 XYZ 100

i would like to have a formula to get the tax amount (say 3%)
on the amount shown in c2. the tax element varies from
person to person. will the following formula work:

=iif((b2="XYZ"),round(c2*3%,2)),"

please correct me if i am wrong.



thanks

m s narayanan"