There are a couple reasons why this might be happening.
Make sure "Display Formulas" is turned off:
Go to TOOLS, then OPTIONS, then VIEW Tab
Make sure "Formulas" is not checked
Make sure the cell you're entering the formula into is not formatted as Text:
Select the cell
From the Format Menu, choose "Cells..."
On the Number Tab, choose "General" as your category
Click OK
Re-enter the formula (you can just hit F2 then Enter.
I spoke too soon. It worked briefly and then converted back to the formula
again. The cell doesn't seem to want to stay formatted as general. It
switched back to text. I think that is why it doesn't calculate the formula.
That is strange. How is this formula entered? Do you Copy/Paste? Is it
created by a macro? Is there any VB coding at all in your workbook? Not
sure what else it could be.
Has anyone solved this? I am having the same problem. When I display the
formula in the formula editor I can see the correct result however in my
spreadsheet all I see if the formula text.
Did you change the format in the cell to something other than text and after
doing this did you select the cell and press F2 and enter. If it is still
text the workbook might be corrupted, I would copy
the data to a new workbook