Use result of one formula field for another formula field

Use result of one formula field for another formula field

Can I pull data from one formula field as one of the values for another formula field? I tried doing it and it's returning an "invalid formula" error so I'm not sure if I made the formula incorrectly or if it's just really not possible to do that. 

Also, is there a limit to the number of fields I can pull data from for a single formula?
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