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Assigning Numeric Value to Text

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Hi! Im trying to assign a currency value from a single select field text and am having trouble. I've tried using the IF function and I can get it to look how I want, but the field is not a number field and so will not give me a sum. For example my single select has 2 options "Regular" or "Reserved" . If I select "Regular" I want my formula field to automatically assign a monetary value of $100. And then I want to see the sum of all of those. How can I do this?

Thank you!

1 Reply 1

Are you putting your 100 in quotes! If so, remove the quotes. If you are adding the currency symbol "$" in your formula, take it out and use the formatting options for the formula field to insert the currency symbol.