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Default How do I convert time to the nearest 1/4 hour with a 7 min. window

I am creating a timesheet that totals daily as total hours/ minutes worked
(4:06). We round to the quarter hour (up or down) based on the 7 minute
window.
4:01 to 4:07 would be paid 4 hrs. - 4:08 to 4:15 would be paid 4 hrs. 15
mins..

Can EXCEL do this or will I have to calc. manually?

THANKS

 
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