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=IF(AND([Last Contact Date]2 - TODAY() < 90, [Last Contact Date]2 - TODAY() > 120), "3-6 Mths")
Hi Heath,
it seems that you've flip-flopped the greater than and the less than signs in your formula. you'll want to swap the two and have >90 and <120.
Hope this helps.
Unless you are getting a specific error message, it appears like Andrew's suggestion is accurate.