Try out the formula using formulon.io #inSalesforce

link: https://formulon.io/

You can try out the formula here -

Go to https://formulon.io/, suppose the formula is 

IF(Total_Hours__c <= 40, Total_Hours__c * Hourly_Rate__c,  40 * Hourly_Rate__c + (Total_Hours__c - 40) * Overtime_Rate__c)




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