A company keeps sales data in column B, and wants to categorise sales into three levels:

"High" if sales ≥ 1000

"Medium" if sales > 500 but < 1000 "

Low" if sales < 500

A student writes the formula in cell C2 as: =IF(B2>=1000,"High",IF(B2>=500,"Medium","Low")).

Which of the following statements is/are correct?