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Default Nested if

I have been trying to figure this out for quite a while and can't get
anything to work. Here's what I have.

A list of due date, date submitted. I want to show in another column, when
something is late or on time. If not submitted yet, and due date is today or
beyond, the late/on time indicator can be blank. If blank and due date has
passed, show late. If submitted by or before due date, it's on time.

Hope someone can help me construct the correct formula.

Thanks.
 
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