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Excel's got Amnesia

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I've got a spreadsheet which is set to Automatic Recalculation, but it's forgetting to recalculate one (or more?) of the cells when I make a change. It's OK if I remember to hit the Calculate Now button each time, but I'm wondering if it's a bug with Iterative Calculation, as this is the first spreadsheet I've done that uses I/C.

Does anyone else recognise this?

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