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Default Multiple comparisons in a cell

I'm still learning what Excel 2003 can do for me, so this may be a stupid
question. I am tracking equipment maintenance records and I need to create a
cell that will say "OK" if the machine has over a certain of hours since the
last maintenance, "DUE NOW" if it is within 300 hours, and "LATE" if I'm
under 50 hours. I've gotten it to work with 2 conditions, but don't know how
to get it to do 3.
 
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