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Default Average time

try:

=(SUM(LEFT($E$1:$E$3,LEN($E$1:$E$3)-2)*60+RIGHT($E$1:$E$3,2))/
SUM(IF(LEN($E$1:$E$3)0,1,0)))/60

this will give you time in hrs.000

then format is as time
 
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