How to Set Multiple Choices as Default Value in SharePoint List?

Requirement: Set more than one choice as default value in a SharePoint list!

How to Set Multiple Choices as Default Value in SharePoint List?
Choice field in SharePoint allows one single value to set as default value. What if you want to set multiple values as default value? In my case, I wanted multiple check boxes to be enabled by default when user creates new item. Here is how you can set multiple check boxes ticked:

• When creating the field (or edit the existing field), In Field settings, set the "Default value" to "Calculated Value" option
• Now, Enter the formula in this format: =";#Choice1;#Choice2;#Choice3;#Choice4;#" , In my case, I wanted to set "Growth Capital" and "Private Investment" choices ticked by default. So my formula was: =";#Growth Capital;#Private Investment;#"
  

This sets the given check boxes (choices) enabled in New item creation (NewForm.aspx)