Getting started question on formula fields

I'm a beginner. I want to create a formula field that will take the selected text from a multiple choice field and convert it into $. This is for a student enrollment app where parents can select 5 full day, 3 full day, etc. enrollment options. Each option has its own fee.  I have created a formula field: If([Enrollment Type]="5 Full Day",360). Clearly it doesn't work. I want the result to be $360 if 5 Full Day is the enrollment type (that's the field name) selected.