Excel 2016 Default save location gives error

Overview: You have Excel 2016 and try to change the default save location to a SharePoint location and get error: “Cannot access directory ‘http://myserver/mydoclib’ The setting is on the Excel Options Window, Save section, “Default local file location:”  (see picture below) Cause: For some unknown reason, some Office 2016 installs fail to create a needed…

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