Using VALUE within an IF formula to covert text to number


I've determined the issue with this formula is that the cell it is pulling from is formatted as text, not a number. I know I need to use the VALUE function to correct this, but I've tried this many different ways and cannot get it to work. This is my original formula:

=IF([Projected SI %]1 = 0, "0", IF([Projected SI %]1 = "MIN", "5000", ([Projected Vendor Spend]1*([Projected SI %]1))))

If this looks correct can you please help me put the VALUE function in correctly? This is the part trying to multiply by the cell stored as text: ([Projected SI %]1) at the very end.

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