Using Excel's Formula Evaluator

If you would like to better understand how some of these complex array formulas work, consider using a handy tool - Formula Evaluator:

Select the cell that contains the formula, and on the Formulas tab, in the Formula Auditing group, click Evaluate Formula:

Formulas in Excel 2016

The Evaluate Formula dialog box was appeared.

Evaluate Formula in Excel 2016

Click the Evaluate button repeatedly to see the intermediate results as the formula is being calculated.