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Default Should I update to Excel ?

Hello
This is my first message on this forum.
I am not really a computer person but I do use a computer especially Works
version 7 spreadsheet to do my accounts. I do not have Excel but
I am consideing buying the Excel update.
If I do this what happens to my existing works spreadsheet files ?
Do they become unusable, or do they become automatically converted to Excel ?
Or can I continue to use them as works files ?
Thanks very much for any one who takes the trouble to reply
Steve
--
Thank you from someone who is not a computer person
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