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Bill Manville
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Did you try Nick's suggestion of Ctrl+Alt+F9 in the master workbook?

With the source workbook closed, if you re-enter the formula that gives
the wrong result does it then give the correct result?

If you do open the source workbook when the Master is open does the
correct value get propagated through the link?

Bill Manville
MVP - Microsoft Excel, Oxford, England
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