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In this MrExcel netcast episode, Bill Jelen addresses a viewer's query about evaluating a formula represented in text format. The viewer, Bill, has codes 1, 2, 3, and formulas linked to them. By utilizing concatenation with ampersands, they create a formula that resembles a SUM function but cannot be used directly. Bill demonstrates how to edit the formula on another sheet to achieve the desired outcome by incorporating the INDIRECT function to evaluate the formula effectively.