What are some common scenarios where you might use `IFERROR` with VLOOKUP?

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Grade: Education Subject: Support
What are some common scenarios where you might use `IFERROR` with VLOOKUP?
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Common scenarios include: 1) When a lookup value isn't found in the table; 2) When a cell in the lookup table contains an invalid value; 3) When a formula returns an error; 4) When you want to provide a default value in case of an error.