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Default Excel 2007 hangs on any change to large range of data

Just started a new job - using 2007 for the first time -
Working with a 1.17MB file - subtotals take 2-3 minutes to complete, as does
deleting 5000 rows of data (filtering subtotal lines and deleting balance) -
I'm sure 2007 isn't supposed to be slower than 2003! Are there any settings I
might need to change to speed things up?

 
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