What is the formula bar used for in Excel?

The formula bar in Excel serves as a crucial tool for data entry and manipulation within a worksheet. It is specifically designed to allow users to input not only text and numbers but also complex formulas that can perform calculations or reference other cells within the spreadsheet. When you select a cell in Excel, the content of that cell appears in the formula bar, enabling easy editing. This makes it an essential feature for anyone looking to create dynamic spreadsheets that can compute and display real-time data based on user-defined calculations.

The other choices do not accurately describe the primary function of the formula bar. While displaying the current date can be done in a cell, it is not the role of the formula bar. Creating charts and formatting cells are separate features within Excel that utilize the data inputted via the formula bar but do not pertain to its core purpose.