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Default Excel time format / accuracy

A two part question.
I'm reading in a csv file to Excel 2007.
It has a series of time values, for example:

"5:05:25.8127339 PM"

I can't work out how to format the cell as a
time, and keep the decimal (the display rounds to the
nearest second).

I decided just to ignore that, and just formatted as a number.
It seems to display correctly (as the correct portion of a
day), but only to an accuracy of the first three input digits
after the decimal point.

For example, the time above would convert to
0.7121043171296300 which is equivalent to
"5:05:25:.8130000 PM".

What happened to my accuracy, and how do I
get it back?

Thanks

Pete


 
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