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Default check if or not time lies between a time interval

i have different entry times with me and i want to know whether they were between 10 pm to 7 am,

so if i have an entry time of 1.40 am, the formulla should return me "incorrect"
and
say if the ebtry time is 10.00am, the formulla should return me "correct"

Can anyone please help me with this!!!
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