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Default Conditional Formating

I need help setting up conditional formatting in an Excel Spreadsheet. I am
getting ready to review numbers from several vendors regarding office
supplies. After inputting the cost per item from each vendor (I have 3
bidders) I would like Excel to identify the lowest price of the three and
highlight that cell in a predetermined color. Is there a way to set this up?

Your help is appreciated.
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Beomeister
 
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