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Default Formula to manipulate cell font

I realize that in some cases you can use conditional formatting to
change the color of the cell contents according to cell value, but I
need to change the color of one cell's contents according to the value
of a different cell. For instance....if B1 = x, then C1 is red but if
B1 = y, then C1 is blue..........any suggestions.
Clay

 
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