Create a named range

Why would I create a reange when I can refer to the cell?

Create a vlookup for the following items
E7
A2
C6

Contract Value
Contract Value
Contract Value

$121,030.00

Vlookup the value of the contracts shown below using a named reange rather than a sheet and cell reference as did in challenge 1
Turn the selected area show in the image below into a Named range
http://spreadsheets.about.com/od/excelformatting/ss/number_format2_4.htm
http://thenewpaperclip.com/2006/10/15/excel-2007-name-a-range/

How do I delete or alter a range I have created?

C6
B9
A2
A11
A2
C3
C11
E11
D1
D11
D5
B11
B4
E6
E7
E2
A5
D2
C8
D10
C5
E3
D4
B3
E8
E9
D6
B7
A6
B8

$28,256.00
$28,473.00
$31,314.00
$36,303.00
$36,304.00
$42,086.00
$55,438.00
$60,584.00
$80,524.00
$80,748.00
$98,878.00
$99,460.00
$106,406.00
$118,196.00
$121,030.00
$123,117.00
$137,172.00
$137,610.00
$142,333.00
$146,602.00
$148,732.00
$151,039.00
$158,468.00
$161,007.00
$172,681.00
$175,009.00
$186,868.00
$190,902.00
$208,078.00
$210,335.00

Gay
Bob
Mr`
Bob
Mr
Jane
Gay
Jane
Jane
Bob
Jane
Mary
Bob
Gay
Mary
Gay
Tom
Mary
Gay
Mary
Mary
Mary
Bob
Mary
Jane
Bob
Gay
Mary
Bob
Jane

Dan
Smith
Y
Smith
X
Doe
Dan
Doe
Doe
Smith
Doe
Thompson
Smith
Dan
Thompson
Dan
Ball
Thompson
Dan
Thompson
Thompson
Thompson
Smith
Thompson
Doe
Smith
Dan
Thompson
Smith
Doe

A4
B1
C2
C1
C10
D7
A1
A9
C4
E10
A8
D9
E1
B10
C9
D3
A10
B6
B5
C7
D8
E5
B2
E4
A7
A3

$218,346.00
$224,773.00
$227,224.00
$237,966.00
$258,071.00
$271,943.00
$276,437.00
$288,349.00
$292,024.00
$310,781.00
$336,712.00
$341,207.00
$342,827.00
$346,885.00
$352,605.00
$361,942.00
$398,930.00
$406,491.00
$410,075.00
$415,614.00
$439,890.00
$444,941.00
$452,304.00
$455,893.00
$477,027.00
$484,969.00

Gay
Mary
Bob
Gay
Bob
Bob
Jane
Jane
Gay
Gay
Mary
Gay
Mary
Mary
Mary
Gay
Bob
Gay
Jane
Jane
Mary
Jane
Gay
Bob
Gay
Mary

Dan
Thompson
Smith
Dan
Smith
Smith
Doe
Doe
Dan
Dan
Thompson
Dan
Thompson
Thompson
Thompson
Dan
Smith
Dan
Doe
Doe
Thompson
Doe
Dan
Smith
Dan
Thompson

a sheet and cell reference as did in challenge 1