I need to calculate a percentage payout. The percentage is based on tiers. example:
100.00 - 200.00 pays 5%
201.00- 300.00 pays 7%

What formula could I use where I would enter230.00 in a cell and it would figure out what tier it fell in and calculate the proper payout? In this case 7% of 230.00.

Thank you in advance for your help