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Default Selecting business hours via date / if function?

Hello

Is there a formula that can be used to return a "true" or "out of hours"
value if the date/ time of a particulr cell is outside of (my) business hours
please? (say 7am to 5:30pm). Does the date/ time need to be entered in a
certain way ? (currently date is in one column and time is in another - in
h:mm:ss AM/PM format.

Thanks
 
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