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Default How do I format a cell in excel to display 0.5 hrs as 00:30

I am using Excel 2003 SP1.

I am entering the number of hours it takes to do a task into a cell as 1.5

I want it to display as 01:30 ( 1hr:30min )

I can do this by entering 0.5 in one cell and then converting it to a text
01:30 but I would rather loose the additional coloum to do this by just
formating the cell.

Can this be done some how
 
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