Explanation:
According to the image, if the formula now in cell D49 (=D$44) is copied to cells E49 and F49, the ensuing sequence of values in Cells D49:F49 will unfold as follows:
Cell D49: The value is unchanged, reflecting the contents of cell D44. If the value in D44 is "C," then D49 will likewise be "C."
Cell E49: The formula changes depending on the relative position of the duplicated cell. Since E49 is one column to the right of D49, the formula changes to =E$44. Given that E44 is likely to contain a blank value, E49 would also be blank.
Cell F49: Similar to E49, the formula adjusts based on the relative position. Since F49 is two columns to the right of D49, the formula changes to =F$44. F49 is also likely to be blank, as F44 is.