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Default Formula does not work after import of .txt file

I have imported a .txt file into my spreadsheet, however when I enter a
formula it does not do anything. This is the formula I am entering
=if(len(b1)=3,"0"&b1,b1)

That is exactly how it shows up in the cell it does not calculate the
formula. Is there a way to fix this without having to copy the data into a
new worksheet?

Thanks
 
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