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Operands are the values used in expressions. Operators are the signs that carry out those operations. Take the following examples:

=5+2

The 5 and 2 are operands and the plus sign is an operator.

=B3 * C20

B3 and C20 are operands and the multiplication is done by the * which is the operator.

In each case the equals sign is there to signify that it is a formula and so it is not an operator or operand in the expression.

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