Explanation
The hyperlink function allows you to create a working link with a formula. It takes two arguments: link_location and, optionally, friendly_name.
Working from the inside out, VLOOKUP looks up and retrieves a link value from column 2 of the named range "link_table" (B5:C8). The lookup value comes from column E, and VLOOKUP is configured for exact match.
The result is fed into HYPERLINK as link_location, and the text in column E is used for friendly_name.
HYPERLINK returns a working link.
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Related functions
HYPERLINK Function
The Excel HYPERLINK function returns a hyperlink from a given destination and link text. You can use HYPERLINK to create a clickable hyperlink with a formula. The HYPERLINK function can build links to workbook locations, pages on the internet, or to files on network servers....
VLOOKUP Function
VLOOKUP is an Excel function to look up data in a table organized vertically. VLOOKUP supports approximate and exact matching, and wildcards (* ?) for partial matches. Lookup values must appear in the first column of the table...