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Posted to microsoft.public.excel.worksheet.functions
 
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Default Automatically step a formula?

This is the formula that ended up working:
=INDIRECT("[cap"&$A3&".xls]Sheet1!$B$22")

I think that you had an extra ' in there..you told me to put: In your
cells =INDIRECT("V:\office files\Registration
Forms\[cap"&A1&"1.xls]Sheet1'!$B$22")