Is there any way to figure out if one formula in particular is slowing down a sheet?

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Yep

Easy way - either change that formula to text (add a ' before the "=") or input a hardcoded number and run the sheet (F9); then run it again with the formula and see if the time significantly change

Correct way - write a VBA code that recalculates the sheet a large number of times (assuming your sheet is light, let's say 100) and take the average time it takes to run the sheet. Repeat the process without the target formula and compare the difference

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