VALUE

Description: Converts a text string that represents a number to a number. For example, if the value is a date, returns the serial number; if the value is TRUE, returns 1; if the value is FALSE, returns 0.

Syntax: VALUE(Text)

Text is the text enclosed in quotation marks or a reference to a cell containing the text you want to convert.

Remarks:

Text can be in any of the constant number, date or time formats recognized by the software. If Text is not in one of these formats, VALUE returns the #VALUE! error value.
You do not generally need to use the VALUE function in a formula because the software automatically converts text to numbers as necessary. This function is provided for compatibility with other spreadsheet programs.

Example:

VALUE("$1,000") = 1,000 [the number equivalent of the string]
VALUE("16:48:00") - VALUE(“12:00:00”) = 0.2 or 4:48 [the serial number equivalent to 4 hours and 48 minutes, which is "16:48:00"-"12:00:00"]