How do i average these times out correctly in Microsoft Excel?

ImU

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in Excel 2003 how would i avergae out the times
1:24
0:56
1:19
1:02
1:06
format for those are mm:ss
format i want the times to average out to is mm:ss
How do i do that? I dont know the formula to type in to make it average it hahaa...

thnks in advance!
 
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