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Default formula cant be entered

I am tying to enter in some "IF" formulas and it is not allowing me to enter
in more then 44. I checked the specifications and limits and I dont believe
I am over the limit. When I try to enter the 45th one I get this message,
"The specified formula cannot be entered because it contains more values,
references, and/or names than are allowed in the current file format." Cant
anyone give me some info on this, or is there a way to change the "current
file format?"
 
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