Apply Time Format in Excel Spreadsheets

To set Time format, select the cells and press Control + Shift + @.
Although, if you use a colon between the numbers, such as 6:34, Excel will automatically treat it as Time format.
As mentioned before, Screen Reader users can get format details for a cell by pressing the Screen Reader key + F.
Interestingly, Excel stores time as decimals, between .0 and .99999, that represent a proportion of the day where .0 is 00:00:00 and .99999 is 23:59:59.
For example: 0.25 is 06:00 AM, 0.5 is 12:00 PM and 0.6111111111 is 14:40 PM.

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