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Default Conditional Formatting a Formula Field

Rather than creating a bunch of new fields, is it possible to conditional
format a field that has a formula in it? I've attached what I have below for
cell D5. We want anything 3 or greater to have the whole cell green and
anything below 3 to be red.

Thank you

=IF(C5=17.5%,"5",IF(C5=16.25%,"4",IF(C5=14.25%, "3",IF(C5=13%,"2",IF(C5=0,"1","N/A")))))

 
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