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I installed this on my 2016 MBP in 2014 but now I'm using macOS Monterrey 12.0.1 and it seems I can't use it and must now go to the App Store and subscribe to MS Office monthly or annually.

Before I toss my CD for MS Office 2011 and subscribe to MS Office, is there any workaround to still use it?
 

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There is no workaround. Its limited on what mac os it will work with. It does have some $ value to people who use older machines. Sells for about $50 on ebay. Could pay for some of that office 365 subscription if the effort is worth it to you..
 

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I installed this on my 2016 MBP in 2014 but now I'm using macOS Monterrey 12.0.1 and it seems I can't use it and must now go to the App Store and subscribe to MS Office monthly or annually.

Before I toss my CD for MS Office 2011 and subscribe to MS Office, is there any workaround to still use it?
You don’t have to get a subscription, you can get a pay one time version of Office 2021on Amazon for $124 US. Beware there are some products that are a little less expensive, Office Suite for one, but they’re not a Microsoft product. If you read close it says Office compatible. Also there are some that are PC only so be careful with that.
 

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I'm running Monterey as well and I very much would like to use Office...but I refuse to subscribe..so I'm stuck with pages and exporting to office when I need to share things. Such a pain
Like I replied above you don’t have to subscribe, if you look around you can get a standalone copy of office 2021 home and student.
 

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You could also try one of the open source alternatives to Office. I've used Libre Office recently, and it worked very nicely with Excel files. I'm planning to use that instead of Microsoft Office for future use.
 

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This is the lowest price that I've seen for the stand-alone version of Microsoft Office 2021:

Office 2021 Home and Business Lifetime License Key – For MacOs
$25
https://www.joywarp.com/product/office-2021-home-and-business-lifetime-license-key-for-macos/
"...supported on the three most recent versions of macOS..."

Before buying Microsoft Office, though, I highly recommend that folks download and try this free product first, and see if it meets your needs:

FreeOffice (FREE)
https://www.freeoffice.com/en/
FreeOffice ia extremely similar to Microsoft Office/Mac. (In fact, some users are barely cognizant of the fact that what they have isn't Microsoft Office itself.) It opens Office formatted files perfectly (even better than LibreOffice).
 

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I tried LbreOffice earlier this year, and was really impressed with how it worked with some of my complicated Excel files. I would agree that there is not really any need now to actually use Microsoft office for the vast majority of people. The only thing it didn't work with was Excel VBA macros. LibreOffice does have it's own macro programming, but it's not the same as VBA, so if you're using VBA macros you still need Microsoft Office.

In what way is FreeOffice better than Libre Office?
 

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In what way is FreeOffice better than Libre Office?
In my testing, its compatibility with MS format files is significantly better than Libre Office's. In fact, Libre Office's only fair compatibility with MS format files is what I think has kept it from becoming a runaway hit. FreeOffice also has a bit nicer interface, but that's subjective.

Of course, we are talking about two FREE programs. So you don't need to ask me which is better. There is no downside to downloading both and trying both and deciding for yourself.
 
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