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Aug 27, 2004 · A text formula is a formula that returns text. Text formulas use the ampersand (&) operator to work with text cells, text strings enclosed in quotation marks, and text function results. One way to use text formulas is to concatenate text strings. For example, if you enter the formula ="soft"&"ware" into a cell, Excel displays software. Note ... Example: Use the above formulas to compute the mean, the range, the variance, and the standard deviation of the salaries of graduates for the University of Florida. The data set (in Excel format) can be obtained by using the University of Florida Salary Levels data set we utilized beore.