How can I use the ISERROR function to detect and handle errors?

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Grade: Education Subject: Support
How can I use the ISERROR function to detect and handle errors?
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The `ISERROR` function returns TRUE if a formula results in any kind of error, and FALSE otherwise. You can combine it with `IF` to conditionally execute actions based on whether an error exists. For example: `=IF(ISERROR(A1/B1), "Error occurred", A1/B1)`.