# EXCEL FINANCIAL USES

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1 EXCEL FINANCIAL USES Table of Contents Page LESSON 1: FINANCIAL DOCUMENTS...1 Worksheet Design...1 Selecting a Template...2 Adding Data to a Template...3 Modifying Templates...3 Saving a New Workbook as a Template...6 Worksheet Protection...7 LESSON 2: FINANCIAL SOLUTIONS...10 Goal Seek...10 Solver...12 Scenario Manager...16 Scenario Summaries...18 LESSON 3: PIVOTTABLES AND PIVOTCHARTS...22 PivotTables...22 PivotCharts...24 LESSON 4: GIVE IT A TRY!...29 LESSON 5: DELETING...31 This workbook may be reproduced in whole or in part by an employee of the Department of Health and Human Services. All other reproduction is prohibited unless written permission is obtained from the Training Institute. Last Updated: July 29, 2004

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3 LESSON 1: FINANCIAL DOCUMENTS OBJECTIVES: Create and edit financial documents. Use and create custom Excel templates. OVERVIEW The broad scope of Excel's functionality is the ability to organize and perform mathematical calculations on data, and ultimately display this data in a graphical format. Maintaining financial data in this application seems a logical fit. The most typical financial documentation: Balance Sheets, Income Statements, Budgets, etc., may be readily generated in an Excel worksheet or workbook. In addition, Excel can assist in creating concise, easily understood reporting documentation, including charts. Worksheet Design OVERVIEW If you should choose to create your financial documents from scratch, it is helpful to know some of the "rules" surrounding worksheet design. o Know what the goal of your worksheet is before you begin. o Do not skip entire rows or columns for space. You may easily widen a column or make a row taller to spread out the data. o Formatting your worksheet is better left for the end. It is impossible to know how wide a column should be until all of the information is entered. o Simple is better with regard to formatting. Numeric data is difficult enough to understand without having to sift through multiple fonts, colors, shadings, etc. o Borrow design ideas from documents you have seen elsewhere or use Excel s built-in templates. Excel Financial Uses Page 1

6 Lesson Example You need to develop a purchase order for office supplies. 1. Open MICROSOFT EXCEL. 2. Click FILE, then NEW. 3. Click the SPREADSHEET SOLUTIONS tab, and double-click PURCHASE ORDER. 4. Click the ENABLE MACROS button. 5. Type the following VENDOR information: Office Supplies 4 U, 444 Fourth Street, New York, NY 55555, (555) Click the CUSTOMIZE button, and type the following information into the TYPE COMPANY INFORMATION HERE area: Technology, Inc., 555 First Avenue, New York, NY 55555, (555) Click the check box in front of CLICK HERE IF COMPANY INFORMATION IS SAME AS "SHIP TO" INFORMATION. 8. Click the PURCHASE ORDER tab at the bottom of the screen. 9. Add the following information to the body of the template: Qty Units Description Unit Price 10 Cases Copy Paper Boxes Ball Point Pens 2 6 Each Staplers 5 2 Boxes Staples 2 2 Each Printer Toner Enter next Friday s date in the SHIPPING DATE section. 11. Remove the APPROVAL section by right-clicking the label and clicking CUT, then clicking the blue line border with the foursided arrow mouse pointer and pressing the DELETE key. 12. Save the file as Supplies, and close it. Choose CONTINUE WITHOUT UPDATING if prompted. Page 4 Excel Financial Uses

7 EXERCISE: 1) Using the 12 month Income Statement template from the Business Planner Templates tab, enter the following (ignore line items not mentioned): 2) Delete any rows not utilized in the Income Statement from the Spreadsheet Solutions tab. 3) Save the workbook as Training Income, and close the file. 4) On Your Own: Open the Invoice Template. 5) Enable macros. 6) Enter the following customer information: ABC, Inc., 111 Fifth Street, New York, NY 55555, (555) ) Add the following company information by clicking the customize button: Technology, Inc., 555 First Avenue, New York, NY 55555, (555) ) Charge the following services to ABC, Inc.: Qty Description Unit Price 10 Microsoft Excel I course Microsoft Excel II course Telephone Support hours 50 Excel Financial Uses Page 5

8 9) Remove the Payment Details section, by cutting the option buttons and removing all borders. 10) Add the following to the Fine Print section: Payment due within thirty (30) days of invoice date. 11) Save and close the workbook, using Training Invoice as the filename. Choose CONTINUE WITHOUT UPDATING. Saving a New Workbook as a Template OVERVIEW Excel does not have a template for every type of financial document you may need. In addition, you may simply prefer to start with a blank worksheet and design your own documentation. If you wish to create a financial form that is consistently reusable, rather than using Save As to continually copy the workbook for reuse, you can create and save your own Excel templates. 1. Create the spreadsheet in a new Excel workbook. 2. Type labels that would remain constant in every future workbook created from the template, and enter necessary formulas (even though there is no data to compute). Leave out any data that would change from one use to the next. Did You Know? To remove a template you no longer plan to use, you may click FILE, NEW, right-click the template, and click DELETE. 3. Develop the necessary formulas in the appropriate cells. 4. Click SAVE. 5. In the SAVE AS dialog box type the desired filename. 6. Select TEMPLATE from the SAVE AS TYPE drop-down list. This will automatically establish a file extension of.xlt, and place the template file in the Templates folder. 7. Click the SAVE button, then close the file. 8. To use the template, select FILE, NEW. 9. Double-click on the icon for the template you created. Page 6 Excel Financial Uses

9 Worksheet Protection OVERVIEW If you go to the trouble of creating a template that may be used by several people repeatedly, you would not want anyone to have the ability to change the fixed information or formulas within the spreadsheet. Excel allows you to identify the cells that users are permitted to modify (add, remove, or change data), and lock the remaining cells so they may not be modified. This procedure works within both Excel templates and workbook files. Helpful Hint: You must unlock cells before protecting the sheet, because you cannot unlock cells after a sheet is protected. 1. Select the cells you wish to allow the user to modify. Holding the CTRL key while clicking allows you to select multiple cells anywhere on the spreadsheet. 2. With your mouse pointer on any of the selected cells, click with the right mouse button. 3. In the resulting menu, select FORMAT CELLS. 4. Click the PROTECTION tab, and click to remove the check mark from LOCKED. Click OK. Excel Financial Uses Page 7

10 5. Click TOOLS in the Menu Bar, point to PROTECTION, then click PROTECT SHEET. 6. If desired, apply a password. If you ever wish to unlock the spreadsheet, you will need to provide this password. Click OK. Lesson Example You have created a simple budget in order to see where your money is going and prioritize spending alternatives. Each year you envision yourself reusing this spreadsheet. 1. Open the Budget file. Your Instructor will indicate the location of this and other files you will use throughout the class. 2. Delete the numeric data from the Household worksheet, but not the formulas. 3. Save the workbook as a template in the default Templates folder, using your first name as the filename. 4. Close the file. 5. Click FILE, NEW (found on the GENERAL TAB) to create a new workbook based on your new template. 6. Enter some fictional data to test the template. 7. Close, and do not save, the workbook. Page 8 Excel Financial Uses

11 EXERCISE: 1) Open the Income Statement file. 2) On the Department worksheet, delete the data in cells C3, C4, C7, C9, C12-C15, leaving the formula and label cells alone. Select cells by holding down the Ctrl key. 3) With the cells still selected, unlock the cells where data would be entered, then protect the worksheet. Do not apply a password. 4) Save the workbook as a template, using your last name as the filename, and close it. 5) On Your Own: Create a new workbook based on this template. 6) Enter some sample data to test the template. 7) Attempt to change a cell that includes text. What happens? 8) Close the workbook without saving. Excel Financial Uses Page 9

12 LESSON 2: FINANCIAL SOLUTIONS OBJECTIVE: Make decisions based on certain criteria using Goal Seek, Solver, and Scenario Manager. OVERVIEW While trying to find answers to financial questions, you might use the "trial and error" method. The ability of Excel to update formula results as data changes (What-If Analysis) makes this relatively easy; however, you may not want to spend too much time guessing. Excel has several built-in features that allow you to find solutions with much less effort. These include Goal Seek, the Solver, and the Scenario Manager. Goal Seek OVERVIEW If there is a particular numeric result you need from a formula, Excel has a tool called Goal Seek that will find a number in one cell contributing to the formula to get you to your goal. 1. Select TOOLS, GOAL SEEK. 2. Enter the name of the cell where the formula for the result will be, and press the TAB key. 3. Enter the value you want to end up in the cell, and press the TAB key. Helpful Hint: Do not use dollar signs or commas when entering data in the TO VALUE section. 4. Enter the name of the cell you wish to change in order to get your result, and press the ENTER key, or click the OK button. Page 10 Excel Financial Uses

13 5. Goal Seek will generate a dialog box letting you know of the result (if one exists). Click the OK button, or press the ENTER key to accept the solution and close the dialog box. Helpful Hint: Lesson Example If you click OK to accept the Goal Seek solution, you may click UNDO to return to the original data. You would like your personal savings to be \$5,000. You are willing to change the entertainment figure to get there. 1. Open the Budget workbook. 2. Click FILE, then SAVE AS to rename the file My Budget. 3. On the Household worksheet, click TOOLS, then GOAL SEEK. 4. Find a solution to the above situation by entering C19 (Savings) in the SET CELL box, 5000 in the VALUE OF area, and C16 (Entertainment) in the BY CHANGING CELL box. 5. Click OK to accept the solution. Click OK again. 6. You decide that this is too drastic a change. Click UNDO to change back to the original values. 7. Close the My Budget workbook. Excel Financial Uses Page 11

14 EXERCISE: 1) Open the Income Statement workbook, and use Save As to rename the file My Income. 2) On the Department worksheet, find the necessary level of Training Units Sold to reach \$75, in final income. 2) Undo this change. 3) On Your Own: On the same worksheet, find the proper Price per Training to turn a profit of \$80, ) Save this change. Solver Helpful Hint: If the SOLVER option does not appear in your TOOLS menu, you may need to go through the Add-In process. Consult with your LAN Administrator for details. OVERVIEW Often, more than one contributing factor could be changed to affect the "bottom line" as desired. Excel's Solver feature allows you to alter several variables to reach your final goal. 1. Select TOOLS, SOLVER. 2. Enter the name of the cell containing the formula that produces the result. Page 12 Excel Financial Uses

15 3. Depending on your needs, select the MAX, MIN, or VALUE OF radio button. In the case of Value of, you must then enter a value to reach. 4. Enter the cell names of any variables you will allow to change in this process in the BY CHANGING CELLS box. 5. To identify any limitations on these changes: Click the ADD button to the right of the SUBJECT TO THE CONSTRAINTS box. Enter the name of the cell to limit. Choose the appropriate comparison in the center drop-down list, and type the amount of the limitation in the CONSTRAINT text box. Click OK. Helpful Hint: If you click OK to accept the Solver solution, clicking UNDO will not restore the original data. 6. Add other constraints as necessary. 7. Click the SOLVE button. 8. When Excel has found a solution, a dialog box will appear. You may wish to move it out of the way to see what has happened to your worksheet data. 9. Select KEEP SOLVER SOLUTION or RESTORE ORIGINAL VALUES, and click OK. Excel Financial Uses Page 13

16 Lesson Example You would like to reach \$7,500 in personal savings by cutting back on travel, clothing, and entertainment. 1. On the Household worksheet of your My Budget workbook, click TOOLS, then SOLVER. 2. Type C19 (savings) in the TARGET CELL box. 3. Click the button for VALUE OF, and type 7500 for the value. 4. Type C13, C15, and C16 (travel, clothing, and entertainment) in the BY CHANGING CELLS area. 5. Click the SOLVE button, and click OK to accept the Solver solution. 6. Save your changes. Page 14 Excel Financial Uses

17 EXERCISE: In your My Income workbook, you want to maximize profit without overly increasing price; however, you need to adjust your costs upward slightly due to market trends. 1) Use Solver to find the maximum income possible given the following constraints: Click ADD button in between each. Price per Training mustn't exceed \$150 Material Cost per Unit will be at least \$20 per training Operating Cost per Unit will be at least \$40 per training 2) What is the maximum profit given these constraints? 3) Do not keep this solution. 4) On Your Own: You need to minimize profits for tax shelter purposes, so you'd like your income to be a mere \$10,000. Use Solver to find a solution given the following constraints: Costs aren t considered in your criteria You may alter Training Units Sold Price per Training cannot drop below \$125 5) Keep the solution, and save the changes to your workbook. Excel Financial Uses Page 15

18 Scenario Manager OVERVIEW In any organizational setting, you are faced with several situations that play into the costs of doing business, as well as your ability to "sell" your product or service. Sometimes it is appropriate to define different scenarios that will affect the organization, and determine how those scenarios affect your financial outlook. 1. Select TOOLS, SCENARIOS. 2. Click the ADD button in the SCENARIO MANAGER dialog box. 3. Give your scenario a title, and press the TAB key. 4. Type the cell names of all cells in which you want to change values in this scenario. Or, move the dialog box out of the way, and click on each cell, holding down the CTRL key. 5. If desired, TAB to the COMMENT area to change the comment. Page 16 Excel Financial Uses

19 6. To protect the scenario from any future changes, leave the checkmark in the PROTECT option. To hide the scenario, click the check box next to HIDE. 7. Click OK. 8. Enter the values you would like each of your selected cells to be, using the TAB key to move from one entry to the next. 9. To add another scenario, click the ADD button, and follow steps 3 through When finished developing scenarios, click the OK button. 11. To apply a scenario to the worksheet, click the name of the worksheet, then click the SHOW button. Excel Financial Uses Page 17

20 Did You Know? If you go directly to creating a Summary Report, rather than using the SHOW button to view individual scenarios, the original data will appear in the CURRENT VALUES section. This is not the case with the Pivot Table report. 12. To edit an exiting scenario, click the name of the scenario to edit, then click the EDIT button. Make the appropriate changes, and click OK. 13. To delete a scenario, click the name of the scenario to delete, and click DELETE. 14. Click the CLOSE button to return to the worksheet. Scenario Summaries OVERVIEW The Scenario Manager includes a feature that allows you not only to view each scenario one at a time, but that creates a report summarizing all of your scenarios in one worksheet. It is called a Scenario Summary. 1. Select TOOLS, SCENARIOS. 2. Add several scenarios. 3. From the SCENARIO MANAGER dialog box, click the SUMMARY button. 4. In the SCENARIO SUMMARY dialog box, choose a summary or pivot table report. (Please note: PivotTables are covered in more detail in Lesson 3). 5. Select the cells including formulas that are affected by your changes to include in the report. Page 18 Excel Financial Uses

21 6. Click OK. PivotTable: Lesson Example You would like to look at your household budget in a few different ways. What if you really watched your spending, and went into "save" mode for a year? What if you and your significant other both got raises, and you decide to live like there's no tomorrow? 1. On the Household worksheet of your My Budget workbook, click TOOLS, SCENARIOS. 2. Click the ADD button, and create a scenario called Conservative. 3. Enter cells C11:C16 as the CHANGING CELLS, and click OK. Excel Financial Uses Page 19

22 4. Enter the following values in the SCENARIO VALUES form: C11 Phone 1000 C12 Utilities 5000 C13 Travel 2000 C14 Groceries 5000 C15 Clothing 3000 C16 Entertainment Click ADD to create another scenario named Live It Up. 6. Enter cells C3, C4, C11:C16 as the cells to change, and click OK. 7. Enter the following values in the SCENARIO VALUES form: 8. Click OK. C3 Hers 33,000 C4 His 27,000 C11 Phone 1500 C12 Utilities 9000 C13 Travel 5000 C14 Groceries 7500 C15 Clothing 5000 C16 Entertainment Click the SUMMARY button to generate a SCENARIO SUMMARY Report that includes the following result cells: C5 C18 C19 Total Revenue Total Expenses Savings 10. Click OK. 11. Save your changes. Page 20 Excel Financial Uses

23 EXERCISE: 1) In your My Income workbook, create the following scenarios in the Scenario Manager: Optimistic change cells C3, C4, C7 and C9 Training Units Sold 7500 Price Per Training 150 Material Cost per Unit 20 Operating Cost per Unit 35 Pessimistic change the same cells Training Units Sold 5000 Price Per Training 100 Material Cost per Unit 30 Operating Cost per Unit 50 2) Without selecting a new scenario to "show", generate a Scenario Summary Pivot Table with the following result cells: Total Revenue Total Material Cost Total Operating Cost Total Expenses Income 3) Save your changes. 4) On Your Own: Add another scenario entitled Middle Ground that changes the same cells as before to the following: Training Units Sold 5750 Price Per Training 125 Material Cost per Unit 25 Operating Cost per Unit 38 5) Generate a Scenario Summary Report using the same results cells as the pivot table summary. 6) Save your changes. Excel Financial Uses Page 21

24 Helpful Hint: Providing cell names in your worksheet will allow Excel to display labels rather than the usual cell addresses (i.e. C4) in your pivot table. LESSON 3: PIVOTTABLES AND PIVOTCHARTS OBJECTIVE: PivotTables OVERVIEW Create interactive tables and charts that summarize spreadsheet data. A PivotTable is used when you want to compare related totals, especially when you have a long list of figures to summarize and you want to compare several facts about each figure. PivotTable reports do the sorting, subtotaling, and totaling for you. 1. Click on any cell in your list of data. 2. Click DATA, PIVOTTABLE AND PIVOTCHART REPORT. 3. Keep the default selections in Step 1 of the Wizard. Click NEXT. Page 22 Excel Financial Uses

25 4. Check that the entire area is selected in Step 2 of the Wizard. If not, click and drag to capture the appropriate range. Click NEXT. 5. Choose whether you want the resulting table on the existing worksheet or on its own. 6. Click the LAYOUT button. 7. Click and drag the column heading names to their appropriate locations on the table template. Excel Financial Uses Page 23

26 8. To change the function applied to data items, double-click the name of the data item, select the desired function from the list, and click OK. 9. Click OK at the bottom of the Layout dialog box. 10. Click the FINISH button. 11. To change the layout of your pivot table, click and drag the gray field boxes to another location. Or, drag more column headings onto the table from the Pivot Table toolbar. 12. To remove some of the categories from view, click the down arrow next to a category name and remove the check marks you wish to hide. 13. To format values in your pivot table, use the number formatting tools in your Formatting Toolbar as usual. PivotCharts OVERVIEW A PivotChart is an interactive chart that you can use to view and rearrange data graphically, in a similar manner to a PivotTable. A PivotChart always has an associated PivotTable in the same workbook, and includes all of the source data from the associated report. Like a PivotTable, a PivotChart has field buttons that you can use to display different data and change the layout. You can change chart types and apply formatting to PivotChart in much the same way as you do with any Microsoft Excel chart. With regular charts, you must create one chart for each view of the data summary that you want to see. With PivotChart reports, you can create a single chart and view the summaries several ways just by using your mouse. 1. Click on any cell in the list of data. 2. From the DATA menu, click PIVOTTABLE AND PIVOTCHART REPORT. Page 24 Excel Financial Uses

27 3. Select PIVOTCHART in Step 1 of the WIZARD. Click NEXT. 4. Confirm the data range in Step 2 of the Wizard. If the area is incorrect, click and drag to capture the appropriate range. Click NEXT. Excel Financial Uses Page 25

28 5. Select whether the chart will appear on its own sheet or on the existing sheet. Click the LAYOUT button. 6. Click and drag the appropriate column headings onto the template. Click OK. 7. Click FINISH. 8. To change the layout of your pivot chart, click and drag the gray field boxes to another location. Or, drag more column headings onto the table from the Pivot Table toolbar. 9. To remove some of the categories from view, click the down arrow next to a category name and remove the check marks you wish to hide. Page 26 Excel Financial Uses

29 Lesson Example You would like to analyze monthly spending on an Employee Expense Report. 1. Open the Expense workbook. 2. Choose SAVE AS from the FILE MENU, and rename the file Travel. 3. Click DATA, then PIVOTTABLE AND PIVOTCHART REPORT. 4. Keeping the default selections for the first screen, click NEXT. 5. Click and drag to capture the range A3:L11, and click NEXT. 6. Click the LAYOUT button, and click and drag the MONTHS to the ROW section, LOCATION into the COLUMN sections, and MILEAGE and TOTAL into the DATA section. Click OK. 7. Keep the NEW WORKSHEET option selected, and click FINISH. 8. Edit the pivot table by dragging MEALS into the center of the pivot table. 9. Remove the SUM OF MILEAGE from view by clicking the dropdown arrow next to DATA and clicking to remove the Mileage checkmark. Click OK. 10. Format the values as you like. Rename the worksheet to Pivot Table. 11. Save your changes. Excel Financial Uses Page 27

30 EXERCISE: 1) To create a Pivot Chart based on the above pivot table, click on the Pivot Table button on the Pivot Table toolbar and select Pivot Chart. 2) Edit the chart by editing the Pivot Table. Remove Sum of Meals from the Data column. Look at the chart to observe changes. 3) Save your changes. 4) On Your Own: Open the PivotTable report you generated in your My Income workbook. 5) Hide the Total Material and Total Operating Cost figures within your pivot table. 6) Format your values. 7) Save your changes. Page 28 Excel Financial Uses

31 LESSON 4: GIVE IT A TRY! OBJECTIVE: Practice Excel features learned in class. EXERCISE: Refer to Lesson 1 for assistance 1) Open the My Budget workbook and go to the Project worksheet. 2) You want to make a template from this file. Remove any data that would change from one use to the next. (All values except for the formulas in cells C5, C13, and C14.) 3) Delete Household and Scenario Summaries worksheets. 4) Save the workbook as a template named Project Budget, then close it. 5) Open a new workbook based on this template. 6) Enter the following information on the Project worksheet: Refer to Lesson 2 for assistance Excel Financial Uses Page 29

32 7) Use Goal Seek to find the level of Grant Money required to end up with a surplus of \$24,732. Accept the results. 8) You would like to distribute surplus cash over the expense items. Use Solver to set the surplus value to 0 and change all of the expense line items. 9) Accept the solution, and save the workbook as Project Budget. 10) You'd like to try out several different scenarios to see how the bottom line reacts to each. Create scenarios that modify the State Funding and Grant Money figures as follows: Christmas State - \$200,000; Grant - \$120,000 Halloween State - \$75,000; Grant - \$30,000 Thanksgiving State - \$120,000; Grant - \$60,000 12) Generate a Scenario Summary Report with result cells for Total Income, Total Expense, and Surplus. 13) Create a Scenario Summary Pivot Table based on the report, with Total Income, Total Expenses, and Surplus as your result cells. 14) Save the workbook. Refer to Lesson 3 for assistance 15) Hide the Halloween & Total Income results from your pivot table. 16) Format the values as you wish. 17) Save your changes. Refer to Lesson 4 for assistance 18) Delete the Scenario Summary Pivot Table worksheet from the My Budget workbook. 19) Save and close the workbook. Page 30 Excel Financial Uses

33 LESSON 5: DELETING OBJECTIVES: Eliminate unnecessary objects from workbooks. Maintain organization of file directories. OVERVIEW In order to keep worksheets and workbooks uncluttered, you may occasionally wish to remove certain items from them. As discussed in other Excel classes, you may delete the contents of cells, cell formatting, individual worksheets, charts, and entire workbooks. 1. To clear the contents of a cell or range of cells, select the cell(s), and press the DELETE key on your keyboard. 2. To eliminate cell formatting, select the appropriate cells, click the EDIT menu, then choose FORMATS from the CLEAR menu. 3. To delete an embedded chart, click the chart to select it, and press DELETE on your keyboard. 4. To delete a worksheet, right-click on the tab of the worksheet to be deleted and click DELETE in the resulting menu. Click OK to confirm the deletion. 5. To delete a workbook, be sure the workbook is not open. Choose OPEN from the FILE menu. Click once on the name of the file to delete, and press DELETE on your keyboard. Click YES to confirm the deletion. 6. To delete a template file, click FILE, NEW. Right-click the template you wish to delete, and click DELETE in the resulting menu. Click YES to confirm the deletion. Excel Financial Uses Page 31

34 Lesson Example You would like to delete the Scenario Summary Pivot Table from your My Income workbook. 1. Right-click the Pivot Table worksheet tab, then click DELETE. 2. Save and close the workbook. You decide to eliminate the file altogether. 3. Click FILE, then OPEN, click the MY INCOME workbook once, then press DELETE on your keyboard. 4. Click YES to confirm the deletion. EXERCISE: 1) Delete the Scenario Summary worksheet from the My Budget workbook. 2) Save and close the workbook. Close all open workbooks. 3) Delete the "first name", "last name" and Project Budget templates. 4) On Your Own: Delete the following workbooks: My Budget Training Income Training Invoice Travel Project Budget My Income Supplies Page 32 Excel Financial Uses

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