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Default date calcualtion

I am trying to return a date that is seven days prior to the date I choose,
but I want to omit Saturday and Sunday. Therefore if the date of the event
is Sunday March 18, 2007 and I want to receive payment seven days prior I
would like to have the formula automatically return a date seven days prior,
but since that day would be Sunday I need to return Friday as the date I need.
 
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