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Default Compatability Question

I recently upgraded my personal computers at home to MS Office 2007. I am
getting ready to write some macros in excel for a project at work and they
use pre-2007 MS Office.

Can I use 2007 and save the work as 97-2003 format in order for it to be
compatible?

Also, is it possible for both 2007 and pre-2007 MS office to exist on the
same computer without issues?

Thanks,
Les
 
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