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Default Can I 'embed' a formula to affect numbers as they're entered?

Ms Office Excel 2003 ( Ms Office Professional Edition 2003)

I want to 'embed' a formula (eg: *.05) in multiple cells so that when data
is then entered into the cells it operates on the data and displays the
result. For instance, in the example given, if I then entered '16' into a
cell the figure displayed would be '0.8'
 
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