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Excel: What is the way to use 'if function' with asterisk? I want to return 'true' for all those cells, which contains letter 'b' anywhere in it. I used the formula =if (a1="*b*","true") however it is not working.

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Professional Excel teacher and seminar conductor with 4 years experience

No you cannot use asterisk in this fashion in excel because anything you give inside " " is printed in exactly the same manner. Here if u want to search b in a particular cell you have to use search or find function. It will return error if it doesn't find b . Both find and search are exactly similar...
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No you cannot use asterisk in this fashion in excel because anything you give inside " " is printed in exactly the same manner. Here if u want to search b in a particular cell you have to use search or find function. It will return error if it doesn't find b . Both find and search are exactly similar except find is case sensitive and search is not case sensitive. 

=search("b",cell_ref,1)

=find("b",cell_ref,1)

In case u don't want the functions to return error if they don't find the required input,  use iferror, iserror or iserr

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Real life excel

Use =if(iserr(search( "b" ,a1,1)),"False","True"). What happens here is , that it search for "b" in the cell, and answers true or false
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