[SalesForce] How to write formula based on pick-list value of the pick-list field

I would like to write a formula to count the number of days based on the conditions mentioned below..

If the Status__c (Picklist field) = Draft, calculate based on Now() – Last modifed date.

If the Satus__c is another pick-list value other than draft, calculate based on Created date – Lastmodified date

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