Working from the inside out, the MIN function is used to find the lowest bid in the range C5:C9:
MIN(C5:C9) // returns 99500
The result, 99500, is fed into the MATCH function as the lookup value:
MATCH(99500,C5:C9,0) // returns 4
Match then returns the location of this value in the range, 4, which goes into INDEX as the row number along with B5:B9 as the array:
=INDEX(B5:B9, 4) // returns Cymbal
The INDEX function then returns the value at that position: Cymbal.
The Excel INDEX function returns the value at a given location in a range or array. You can use INDEX to retrieve individual values, or entire rows and columns. The MATCH function is often used together with INDEX to provide row and column numbers....