I think the instructor's intent is to get you to DEFINE THE PROBLEM - and that is a key step in doing just about anything even remotely resembling computer programming; in the case of Excel that being either creating a formula or writing some VBA code.
I'm kind of siding with Rohn007 on this one - the Requirements Definition should be a readable living document, not a rehash of actual code. If you take a statement like this:
If applicant's salary is greater than $100K AND their credit score is equal to or greater than 700
OR
applicant's salary is greater than $50K AND their credit score is equal to or greater than 750 then
Grant the Loan (display "Loan")
Otherwise
Deny the loan (display "No Loan")
Then that statement (actually part of a Requirements Definition) can be 'translated' into any programming language or an Excel worksheet formula. The key here is that the requirement is not directly tied to any specific language or application at all -
it simply defines what rules the "program" must follow to provide the proper result.
And actually the way I wrote it out 'translates' almost literally into joeu2004's 2nd formula.
But we could be wrong - so if you get it marked wrong, take solace in knowing that we, too, blew it. Of course, our GPA doesn't depend on our responses here. But I'll say this: having seen many solid results achieved by both joeu2004 and Rohn007, and
having been formally trained to program myself and practicing it for over 30 years now, I think we might have gotten close.
I will say there may be one caveat to all of this: If the problem was presented to you in a way that you are certain that
"All I seem to understand is that it starts as: =IF( "
Then joeu2004's method may be exactly what the instructor is shooting for.
You might consider providing BOTH methods back - give him/her a joeu2004 type answer, follow it up with a little "the above could also be written specifically as..." and toss in the word description of the requirement definition.