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Hi Ann,
Thanks for posting in the community. We are happy to help you.
The formula is correct. To troubleshoot the situation, I would like to know the column settings of the Budget Hours column and the Budget Rate column. You can click the down arrow next to the column, Column settings, Edit, and then take a full screenshot of the "Edit column" pane. After that, click "Insert Image" to upload the screenshots.
We look forward to your response. Thanks for your cooperation.
Sincerely,
George | Microsoft Community Moderator