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Default How to set color for text based on conditions?

Does anyone have any suggestions on how to set color for text based on
following conditions? For example, A1 = "Peter", A2 = "Pan"
CONCATENATE(A1,A2) in cell B1, I would like to set red color for A1, and blue
color for A2 under cell B1.
Does anyone have any suggestions?
Thanks in advance for any suggestions
Eric
 
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