Answer:
Lookup functions look for a value in the leftmost column of a table and then returns the value from the same row in another table placed in another column, and that is mentioned as the third argument. It can return an exact match or the approximate match. And this formula and concept can be applied horizontally as well.
Like vlookup( column-name, range to be searched, column number in the range mentioned from the first column in the range, true for exact match and false for the approximate match). Thus there are four arguments.
Step-by-step explanation:
Please check the answer section.