No, it won't work. Your formula will result in the string of text "=A1", but this will not be evaluated as a formula (the formula being the one with the CHARs in it). You would need another function to evaluate the resultant string as a formula. You could do this in B1:
Formula:
=INDIRECT(CHAR(65)&CHAR(49))
but that is limited in what it could do (you couldn't include operators or functions, for example).
In VBA there is an Evaluate function which will act upon a text expression which represents an Excel formula, so to use this in a worksheet you would need a UDF like this:
Function eval(func As String)
Application.Volatile
eval = Evaluate(func)
End Function
and then you could have this in B1:
Formula:
=eval(CHAR(65)&CHAR(49))
The expression could be much more complicated than this, like:
Formula:
=eval("SUM(A" & C1 & ":A" & D1 &")")
where C1 and D1 contain numbers to define a range in column A to be summed, but I'm not sure why you would want to express it in ASCII code format anyway.
Hope this helps.
Pete
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