Start Date=H13= 9/14/11 11:09 AM

End date=I13= 9/16/11 10:30 AM

Working hrs start time=M2= 9:30 AM

Working hrs end time=M3= 6:30 PM

Holiday List = N2:N4

Formula used: (NETWORKDAYS(H13,I13,$N$2:$N$4)-1)*($M$3-$M$2)+IF(NETWORKDAYS(I13,I13,$N$2:$N$4),MEDIAN(MOD(I13,1),$M$3,$M$2),$M$3)-MEDIAN(NETWORKDAYS(H13,H13,$N$2:$N$4)*MOD(H13,1),$M$3,$M$2)

Result = 17:20:39