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Custom Setting
IF( IsClosed , ROUND(ClosedDate - CreatedDate, 0) , ROUND((NOW() - CreatedDate),0)) is my formula field and I am having a custom setting "Policy view" of type Hierarchy. Thanks!
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where Forum_Setting__c is the name of your custom setting and Number__c is the field that you want. Obviously this formula doesn't make much logical sense, but it is an example of how it can be used.
More reading: https://help.salesforce.com/apex/HTViewHelpDoc?id=cs_about.htm