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To extract the last name from a list of names using the TEXTAFTER function, start with the formula: `=TEXTAFTER(cell, " ", -1)`. The first argument is the cell containing the name, and the second argument specifies the delimiter, which is a space (" "). The "-1" indicates the function should return the last instance of the delimiter. After entering the formula, you can copy it into the cells below to apply it to other names in the list.