I have the same cell formula in a.xlsm workbook and in a .xls Compatibility
workbook.

=IF(AND($C$450,$C46="Clear"),1.35,IF($C$450,1,"" ))

The Computability workbook works correctly but the xlsm always indicates
1.35 as the result even when C46 is blank. The first term always evaluates as
true

I have copied the the formula from the .xls and also typed it in to the xlsm

Whats going on.