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In this Excel tutorial, the presenter demonstrates how to remove formulas while retaining the data. The example involves a dataset with revenue, expense, and net income values, where net income is calculated by subtracting expenses from revenue. To remove the formulas, the user selects the entire dataset, copies it, and then uses the "Paste Special" option. In the dialog box, selecting "Values" ensures that only the calculated values are pasted, eliminating the formulas. After this process, checking the formula bar shows that only the values are displayed, confirming that the formulas have been successfully removed.