[SalesForce] Updating formula result based on checkbox set to true

I'm working on a formula field that will display various options on a field called Option Picked based on the amount in the secondary custom field called "last month GTV" If Client type is "Customer".

Option A
Option B
Option C

IF( (ISPICKVAL( Type , "Customer")) ,( 


IF( Last_Month_GTV__c >160,"3. Option A", 
(IF (Last_Month_GTV__c >40, "2. Option B", 
(IF (Last_Month_GTV__c >0, "1. Option C",Null)))))), 
"Prospect")

that works without any issue. However, I want to add the criteria if a VIP checkbox on the same object is checked to True then ignore the amount and update the option to Option A regardless of the Last Month GTV amount.

Here is my attempt when adding OR to the formula: 

IF( (ISPICKVAL( Type , "Customer")) ,( 


IF( Last_Month_GTV__c >160 || (IF( VIP__c = 'yes'),"3. 
Option A", 
(IF (Last_Month_GTV__c >40, "2. Option B", 
(IF (Last_Month_GTV__c >0, "1. Option C",Null))))))))),
"Prospect")

I keep getting the error message "Error: Syntax Error. Missing')'

Any help would be appreciated.

Best Answer

Checkbox will not consider String yes for comparison, it should be either Boolean type true or false or 1 or 0.

Use this approach.

IF( (ISPICKVAL( Type , "Customer")) , 
    IF(VIP__c, "3. Option A",
    ( 
    IF( Last_Month_GTV__c >160,"3. Option A", 
        (IF (Last_Month_GTV__c >40, "2. Option B", 
            (IF (Last_Month_GTV__c >0, "1. Option C",Null))
            )
        )
    )
   )
 ), 
"Prospect")
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