How to edit abandoned cart time filter

Hi. You have the following filter for changing the default cart abandoned time.

// This Filter will change Cron Trigger Time ( Default 15 Min. ) 
add_filter( 'woo_ca_update_order_cron_interval', 'update_cron_trigger_time', 10 );
function update_cron_trigger_time($time_in_minutes){
    $time_in_minutes = 30;
    return $time_in_minutes;
} 

What is it that actually must be changed there? There’s update_cron_trigger_time and below that $time_in_minutes. Which needs to be changed? So let’s say I wanted to make the default cart abandoned time 60 minutes rather than 15 minutes, what would I actually put in the above code?

And also, does this code go in functions.php?

Thanks.