Excel - Hyperlink to file in same directory as xlsx file

Question

I am trying to add a hyperlink to an Excel cell that leads to a file that is on the same directory as the xlsx file. I achieved that with this

=HYPERLINK("file.ext")

but the cell looks like this

file.ext (like link, blue and underlined)

and I want to type something else, eg

Click here (like link, blue and underlined)

I know I can do that with regular hyperlink from "Insert" tab but I want to do it with HYPERLINK function or some other function.

Solution 1

=HYPERLINK("file.ext","Click here")

or

=HYPERLINK("file.ext";"Click here")

Solution 2

Perhaps something like:

=HYPERLINK("file:///C:\TestFolder\Book1.xls#Sheet2!B9","click here")