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Default What formula do I use? Using 2007

I want a symbol or color to appear when I have the following words entered
into a cell (failed, pass, pending and offer made). I'm thinking I need an IF
formula or conditional formatting, but I've never used either. I would rate
myself as a 5 on Excel on a 1-10 scale. I'm no expert!

Thanks for all the help!

--
Lydia
 
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