Simple if/then/else formula in Crystal — why getting error message?

This is the formula:

IF {Prt.Prt_Participation}=”xx” THEN “$250,000″ else
IF {Prt.Prt_Participation}=”xxx” THEN “$80,000″ ELSE
IF {Prt.Prt_Participation}=”xxxx” THEN “$300,000″ ELSE
IF {Prt.Prt_Participation}=”xxxxx” THEN $100,000″ ELSE
IF {Prt.Prt_Participation}=”x” THEN “$35,000”