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Default VBA or formulas?

I have a rather large workbook that has between 112,000 and 113,000 formulas
in it on 80 odd worksheets, and quite a bit of VBA running in the background.
The workbook is running around 9.5 MB and on my work laptop it's starting to
get unstable (cheap skates here won't spring for more RAM or a computer with
a better processor). The workbook will sometimes crash, meaning I get a
message that the file is corrupted and it's unrecoverable, if I have anything
open other than Outlook, so I'm assuming I need to reduce the size of the
workbook. I can get 95% of everything that needs to be done by using formulas,
or can drastically reduce the number of formulas by using VBA. I'll still
need some since my boss wants some of them there so he can follow where the
numbers came from. My question is which is more efficient? If it matters I'm
using Excel 2003, and 65 of the worksheets are identical formula-wise.

Thank you in advance for your help.

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