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Default Making a Cell turn color based on results in another cell

I have a formula in column A that is Y or N based on the results in another
cell.

If it is Y, I would like to turn the date in another column to turn Red.

I have gone into the conditional formatting menu and selected formula is.
Then typed in $C$2 = Y and changed the format color to red. C2 does in fact
= Y, but the color doesn't change. Any insight into what I am doing wrong?
 
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