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In this tutorial, the focus is on creating a formula on an envelope or template. Formulas can be used with text box, drop-down, and date-signed fields. Data labels are crucial for finding and creating the formula. Three text boxes are named box one, box two, and box three. The formula field is filled out and set up by selecting the fields and operations. It is not necessary to include an equals sign. Decimal places can be specified, and the formula can be saved.