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Default Conditional formatting does not change when values change. ??

My spreadsheet was created w an earlier version of XL. Now with Excel 2007
the conditional formatting does not change when one of the values involved
changes.

Example: The spreadsheet calculates a total value for something and places
it in v1. If that value is entered in a specific cell (example: N86), then
N86 should turn yellow. If the value entered in N86 is less than that in v1
it should turn red, and if greater than that in v1, it should be green. In
earlier version of XL that was working fine.

In Excel 2007, if I enter the value in N86 which matches the value in V1, it
correctly turns yellow. But, if I change the value in N86 (say to something
greater than the value of V1, it stays yellow and does not pick up the other
formatting(ie: does not turn green) - it just stays yellow. It just looks
like it is not dynamically applying the conditional formatting.

Thoughts please? Thanks in advance.
 
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