MS Word table - problem with conditional formula

I have set up in MS Word a main document and source document, which performs
a mail merge to produce a Form Letter. The mail merge works OK and the
appropriate Merge Fields are correctly inserted into the Form Letter. The
main document is an advice to individuals and team leaders re competitions
they wish to enter and includes a table, the first three columns of which are
– Col A – Competition Name, Col B – Accepted and Col C Entry Fee. Row 1
contains the column headings and in Rows 2 to 12 the names of various
competitions. In Row 13 cell C13 has the formula: -

{=Sum(C2:C12)\#”£#,##0.00;(£#,##0.00)”} and correctly shows the total of any
amounts (entered manually) in Col C.

I am having problems in getting a conditional formula to work. In Col B an X
will signify acceptance of an entry (in the competition for that row) and in
Col C the formula is required to calculate the entry fee, which will vary
according to the number of people in the team for that competition. I
envisage something like: –

{=IF B2=X Product (2.90,2)}. With an appropriate number format (#,##0.00)
inserted in the formula dialog box this should produce 5.80 in cell C2
provided B2 has X, (or blank if not X), and likewise in other cells in Col C
with a similar formula.

I know the ‘curly brackets’ have to be inserted by using Ctrl + F9 and not
typed in from the keyboard. However all my attempts seem to produce a Syntax
Error in cell C2. On one occasion I did manage to update C2 by using F9 but
when I removed the X from B2 and did another update the 5.90 remained in C2
(instead of a blank because there was no acceptance for that competition).

The following formula: - {IF {B2X,””,{=PRODUCT(2.9,2)\#”#,##0.00”}}} was
accepted in C2 without any error message, but when the cell was selected and
updated by F9 no result was displayed whether or not B2 had an X. I then
tried inserting an = sign before the IF and was rewarded with: - !Unexpected
end of formula.

All suggestions for resolving this problem gratefully received.