When I open a workbook, one formula may or may not show the #VALUE
error. After pressing F2 and <Enter, the formula is calculated
properly. I have tried using the CTL+SHIFT+ALT+F9 to try to refresh the
dependency table and then saving the workbook. Upon reopening the
workbook, the error persists.

Note: Usually the formula that has the error is the last formula
calculated before saving the workbook and the formula(s) in question
are UDF's.