Excel: Protected View error with unrecoverable corrupted file

When opening Excel if you are getting a Protected View error and it is saying the file is corrupted and unrecoverable.

1. Open a new Excel workbook

2. Click File  -> Options

3. Click Trust Center -> Trust Center Settings

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4. Click Macro Settings and make sure the following settings are set

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5. Click on Protected View and make sure none of the options are selected

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6. Click on External Content and make sure these settings are set

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7. Click OK -> OK to save the settings

8. Close and re-open Excel