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This tutorial demonstrates how to reduce the Excel file size without deleting data. First, save a copy of the file to compare sizes. Compress picture size by selecting the picture, going to Picture Format, and choosing Compress under Adjust. Different options are available to reduce picture format. An alternative method is to go to File, Options, Advanced, and scroll down to Image Size and Quality. Make sure to select discard editing data and do not compress image file. You can reduce PPI to make the picture smaller.
