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Default If Formula or conditional formating


I am working on an employee attendance worksheet and I want that cells
change color upon cell contents, which in this case I have five conditions.
Unfrotunately in Excel 2003 there are only 3 conditions. My question is:

Can I use an IF formula to change the color of the cell according to
contents and what it is? Suppose that I want to use the letter "L" for Leave,
"P" for present, "S" for sick, "h" for holiday..etc.

Thank you for your help
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