does these symbols { } help with excel formulas

I am currently having a problem with this particular formula. The result it gives me is #VALUE!

However when I click on the 'Insert Function' key, the formula argument box pops up and it does give me the correct result which should be shown in the cell instead of #VALUE!

Also i am using this document similar to previous ones i have been working on, so i have copied the designs/formulas to save time, but in some cells with formulas they start and end with this symbol { } but when you actually click in the cell to edit the formula they disappear automatically. I have tried to put these in myself but once you have completed the formula with these symbols and pressed enter, the cell does not recognise this as a formula! Can this be resolved by looking around in the cell options windows or does { } or the lack of these symbols have anything to do with why they dont show me the result in the cell but show me the result in the formula argument box?

Suggestions all welcome...this is a real puzzler!!

THANKS!!!