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Default Converting text to formulas

I am trying to streamline a mathematical optimization program that I wrote in
Excel with a macro. Say that I have typed a formula into cell A1 as a text
string, such as "x^2+10*x^4". Next I have renamed cell B5 as "x". I want
the cell C5 to convert the formula written as a text in A1 to the formula
"=x^2 +10*x^4" which will reference cell B5 and calculate it without having
to manually copy in the equation from A1.

I tried the Visual Basic Range.Formula= function but this only returns a
text. Substitute() and Text() do not seem to work either. Does anyone know
how to do this?
 
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