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Default whole workbook recalculates when I change a cell

I'm working in Excel 2003 and have a large workbook with many formulae. I
thought M/soft had designed Excel to only recalculate formulae directly
affected by a change and yet, when I make a change to a cell that has no
dependents, I still have to wait while the whole book recalculates. I know
I can switch to manual calculation and use F9 but would prefer not to.
 
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