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Default Formulas displayed in cell rather than calculated values?

I have this problem come up at randon about once or twice a year. I always
have my options set to show formula values in a cell, never the formulas
themselves. However, once in a while, when I type in a formula and hit enter,
the formula appears in the cell and not the value.

Today, I typed a new formula over an old formula that was displaying the old
value. When I hit return at the end of the new formula the formula stays in
the cell, not the new value. I can copy the old formula back in from a back
up copy and the values will appear, but if I type the old formula in I get
the formula displayed. I've checked "Excel OptionsAdvancedDisplay Options
for this WorksheetShow formulas in cells instead of their calculated result"
again and it is still unchecked. I tried saving the file, closing and
reopening but it just comes up the same way.

Very frustrating. What am I doing wrong? I'm not a novice user, but this is
kicking me in the teeth! When I need to make a change, I can't.

Don
 
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