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In this Excel tips video, the presenter demonstrates how to quickly remove formulas from Excel while retaining the data. Using an example set of company data, which includes revenue, expenses, and net income calculated from these values, the process begins by selecting the data set. After copying the selected data, the user right-clicks and chooses "Paste Special." In the dialog box, selecting the "Value" option allows the user to paste only the values, effectively eliminating the formulas. Once completed, the formula bar will display only the values, confirming that the formulas have been removed.