Wow! It turns out there's a display bug in Excel!
Fire up Excel 2007. Type the number 850 in cell A1, 77.1 in cell A2, and the formula =a1*a2 in cell A3. The answer is not 2^16-1 but rather 100,000 according to Excel!
If you read the Excel team blog you'll see that this is a display bug rather than a calculation bug, so not quite as bad as it seems but still...
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