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Default Function for stopwatch times

Calling on all Excel gurus!

Is there an already made function to convert text to mm:ss.hh?

I'm trying to work with stopwatch times (minutes, seconds, hundredths).. I
need to be able to add, subtract, average, etc...

Example:
Text field of 1:03.95 equals 63.95 seconds
Then add 50.02 seconds equalling 113.97 seconds
Then convert back to text of 1:53.97

Thank you so much for sharing your wisdom.-
 
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