Lotus 1-2-3 spreadsheet was the first MS-DOS based spreadsheet package which was released on January 26, 1983. It was the IBM PC's first killer application, was hugely popular in the 1980s, displacing the former leader VisiCalc and contributed significantly to the success of the IBM PC. Lotus had difficulties adapting 1-2-3 to the Windows environment, and was overtaken by Microsoft Excel.
Formula palette is used to create and edit formula.
It is also possible to type a function directly into a cell, however, as there are over 300 functions built into Microsoft Excel, some of which are quite complex, Excel provides the Formula Palette to simplify the process.