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Calculating pay dates

If a date is a friday, I want to display the previous Thursday (MM/DD/YYYY).
If a date is a Saturday - Thursday, I want to display the Thursday as a date
(MM/DD/YYYY).

To illustrate, if the date is 05/28/2010, I want to display 05/27/2010. If
the date is 05/29/2010 - 06/03/2010, I want to display 06/03/2010.

I hope this is clear.

Thank you,

BW

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