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Formula Field using Date/time in salesforce


I need to create Two fields
1. Picklist
2. Formula Field

I have one Picklist Field when i select Picklist Value. I need to display automatically For Date/Time Of Formula Field.

so i need to create one Formaula Field. In Formaula Field i need to write Formula.
Please help me.
How does the picklist affect the date/time formula? What does the date/time formula represent?