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Default how can I format a cell to change on a specific date

Can a cell that contains text, be formatted to change font color on a future
date? The column is reading "Active" in green to indicate that the contract
for that item is still valid, but I would like to change the "Active" to red
font, or possibly change the text to read "Inactive" in red. It's the color
of the font that's important, and the date that I want it to change on is on
9/11/08.

thanks for your help.
 
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