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Default time v cost calculation in Excel 2002 (XP)

I want to enter a start time and end time to show number of hour & minutes
spent against a task(done that) then I want to enter an hourly rate and
calculate the cost but I cant find a formula or calculation that converts the
time hours mins into a decimal (eg 5hr 40min = 5.66) to do the time/cost
calculation.
 
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