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Default Big Excel file after inserting picture

Hi

I have the following problem with excel 2003 to be specific.
I have an excel spreadsheet that ranges in size from 30kb - 70kb. I am
trying to insert an image on 1 of the tabs which ranges in size from
70kb-150kb. When i insert the image using the Insert--Picture--From File
or any method for that matter of fact and save my file, the file size
increases dramatically.

I end up have a 3.5mb+ file. I have tried the "compress" option for the
image as well but that does nothing.

I would appreciate any help on this problem.

Thanks
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