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I need a workflow rule that will check a checkbox field called "Store Warranty" when the purchased date is less 7 days when compared to today's date. Example: If the customer bought a product 5 days ago, the checkbox will be checked, but the checkbox should be unchecked if the purchased date is bigger than 8 days when compared to today's date.

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    Wouldn't a formula field achieve the same purpose without using execution time? There's some precondition to force the workflow approach? – Alexander Aeons Torn Jun 13 '17 at 15:13
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Try This one:

Create a New formula field with data type checkbox.

IF(purchased_date__c < Today()-7,False,True)

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