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Default Time Value Between Two Times

Here is another scenario.

If F85 is greater than or equal to 8:30 am but less than or equal to
9:00 am, then I need it to return a 1, If it is not between 8:30 am
and 9:00 am then I need it to return "B". I have the cell formated as
time 00:00 AM. What am I doing wrong?

IF(AND(F85=8:30,F85<=9:00),1,"B")
 
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