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Default How do I calculate duration entered in HH:MM-HH:MM format

In Excel 2003, is it possible to calculate time duration when a single cell
has a time range of HH:MM-HH:MM (ex. 10:30-14:30)? I know its possible to do
so when comparing data from different cells, but I'm having trouble doing so
when both times are in a single cell - trying to pull report data from a file
export, having the times in 2 cells isn't an option.
 
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