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One of the many features of Excel is being nosy. That's right, you can quickly calculate a persons age as long as you have their birth date.
Since each date is really just a number stored in Excel, to compute the midpoint of two dates you would use the same mathematical formulas you would use to calculate the midpoint of two numbers ...
The ramifications of missing a due date can range from simply adjusting the date to getting fired. Don't take chances with deadlines when a simple conditional format can remind you.