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Default Stopwatch time

How can I enter stopwatch (or elapsed) time into cells in the format of
x:yy.zz where x is minutes, y seconds (0-60) and z is hundredths of seconds
(i.e. 0-100). I would like to show the actual time in the cell and then be
able to chart these times. This will allow me to compare the times and
determine fastest, slowest, differences, etc. I am not interested in the Date
or clock time, simply absolute time. But I did not see a choice which allows
me to retain the 2 decimal places to the right. Any help greatly appreciated.
 
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