Formulas in Excel office365 not applicable in excel 2007

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I'd like to know if office 365 micro soft excel could possibly convert files and operate offline. A matter of, if I save a copy of mine it directly converted into a micro soft excel 2007, formulas done in ms excel office 365 are not applicable in excel 2007. Is there any possibility to operate offline and save documents form this newly version.

Thank you for your favorable response.

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