The value in every cell below comes out same, although the formula should yield different values. As such, it appears that Excel copied the value rather than the formula.

However, when I click on each cell individully, the formula appears in the formula bar.

In other words, the values in the cells and the formulas in the formula bar do not match.

I'm getting the same problem when I copy and paste the formula rather than filling it down. That is, it copies the value but the formula appears in the formula bar.

When I re-type the formula into each cell below (i.e, rather than copying or filling down), the correct value is then yielded.