Dynamic COBOL

I have some colleagues who want to know if a COBOL program can
dynamically create formulas for computation:

"Have you ever or do you know if formulas can be created on the fly
using cobol?  We are basically wanting to let them enter a formula D=((A
+ B) +S) / 2).  And then we let the user tell us what to use for the
values they entered.  Just wanting to see if you have ever done anything
like this to see if possible."

My understanding of COBOL is that they would have to write a set of
programs that (1) generate the COBOL code with the user's formula
included, (2) compile the COBOL code into a program, and (3) call the
program passing it the parameters desired by the user.

Anybody know of a better way?

Thanks,
Kelly