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Default conditional text colors

I am using a spreadsheet to enter a letter (B, P, or S) followed by a date.
The B,P, or S stand for Backlog, Posted, or Sent. I would like to set up a
conditional formula to test for the leading letter to be "B". If the leading
letter is "B", I would like to have the spreadsheet automatically change the
text in that cell to RED. If the text changes to any other letter, I would
like the text to change back to BLACK. Is there a way to do this?

Thanks,
 
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