Calculate Mileage Based on 2 Rates

I am building a mileage expense report and need a formula for the following:

From 0 to 700 miles, miles are $0.55 each. From 701 miles on they are $0.30 a mile.

I am having trouble with Excel calculating two different rates.

Any help would be appreciated.

Thank you.

Great! Thanks for the help!

Assuming miles are in A1 try this =IF(A1<701,0.55,0.3) * A1