How display text in a cell if the value of the cell next to it is above, below, or equal to 50%

I have been searching for a formula that will allow me to do what should be a simple开发者_StackOverflow conditional format.

I have a list of students and beside each name is a column that calculates the grade in recent exams. If this grade is 50% or higher I would like the cell beside it to display "Pass", otherwise it should display "Fail" by default.

I just can't seem to find any information on how to do this.

I'm using Excel 2010.

Thanks

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This is the simplest solution:

=IF(A1 >= 50, "Pass", "Fail")