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In this tutorial, we'll create student report cards in Excel by converting percentages into letter grades using a VLOOKUP formula. We have a percentage column in the report and a separate table that associates percentages with corresponding grades, starting from zero (F) to upwards of 85 (A). The grading scale is as follows: 0-49% is an F, 50-59% is a D, 60-69% is a C, 70-84% is a B, and 85% and above is an A. To automate grade assignment, we'll use the VLOOKUP formula, beginning with an equal sign followed by "VLOOKUP" and an open bracket to define the lookup parameters. This method eliminates the need for manual grade determination.