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Default Date formula that will return proper pay day

I need to set up a schedule that would list bi-monthly paydays based on the
15th and last workday of the month. When a pay day falls on a weekend or
holiday it must change to the last workday prior to the 15th or the last
workday of the month.

Is there a simple formula I can use to list what those paydays would be? My
formula goes on and on and I know there must be an easier way.
 
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