Need Help with Formula Field - Boolean Type

I want to create a Formula field in ZohoCRM that is of Boolean type. I am having trouble creating the formula.

Field #1 is 'GRANT TYPE' and is a pick list (Choice 1 or Choice 2)

Field #2 is 'AREA' and is a number

Field #3 is 'GRANT' is the formula field

Below is what I want to accomplish:

If “GRANT TYPE” = ‘Choice 1’ then “GRANT” = “AREA” * 100,000

If “GRANT TYPE” = ‘Choice 2’ then “GRANT” = “AREA” * 90,000

Below is the formula I have created:

If(Contains($${OPPORTUNITES.GRANT TYPE},'Choice 1'),${OPPORTUNITES.AREA}*100000, If(Contains($${OPPORTUNITES.GRANT TYPE},'Choice 2'),${OPPORTUNITES.AREA}*90000,

Now())

Below is the error I receive:

Missing Braces

Can someone please help. Thank you!