MULTIPLE IF STATEMENTS formula not working

Platform discussions
1

Hi, I am new to Monday.com and I am trying to insert a multiple if statement. Depending on the household size, I want to put an amount in the next column. What am I doing wrong?

IF(AND({HOUSEHOLD SIZE} >5, “$37.50”,
IF(AND({HOUSEHOLD SIZE} <3, “$12.50”,
IF(AND({HOUSEHOLD SIZE} =3, “$25.00”,
IF(AND({HOUSEHOLD SIZE} =4, “$25.00”))))))

2

I think that the right formula would be
IF({HOUSEHOLD SIZE}>4, “$37.50”,
(IF({HOUSEHOLD SIZE}<3, “$12.50”,
(IF({HOUSEHOLD SIZE}=3, “$25.00”,
(IF({HOUSEHOLD SIZE}=4, “$25.00”))
))
))
)