Formula fields in Salesforce are read-only fields that derive their value from a formula expression. These fields are used for calculations based on other fields, constants, or formulas. For example, you can create a formula field to calculate the age of a contact based on their birthdate, or a discount amount based on the quantity and price of a product. Formula fields do not require manual data entry; their values are recalculated every time the related fields are updated. They are powerful for creating dynamic content on records and can be used in reports for data analysis.
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