#REF problems with password protected workbook

When opening a workbook which references to a protected workbook in Excel, it can also show the result of the referenced workbook even though the referenced workbook is not opened.

When opening the workbook, it will show this message to let you choose whether you want the workbook to Update or Don’t Update.

If you choose update, then it will ask you the password of the referenced workbook, if you choose Don’t update, then it will show the result of the last saved valued.

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