Calculating a percentage if less than a fixed amount

[whdell]

=IF(G50<="647200",G50*80%,"647200")
if G50 is less than or equal to 647200 then enter 80% of the lower value, if it exceeds the 247200 enter 247200
The above formula calculates the percentage if it is over the limit.
What am I doing wrong?

 

[gordsky]

where does 247200 fit into your equation as you mention it but dont reference it?
if you remove the " " from your equation it should work

=IF(G50<=64720,G50*80%,647200)

 

[whdell]

where does 247200 fit into your equation as you mention it but dont reference it?
if you remove the " " from your equation it should work

=IF(G50<=64720,G50*80%,647200)

That worked! I was using the web to find something close but that didn't work. Thank you so much!