Microsoft will release Office 2021 for Windows and Macs later this year

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Microsoft confirmed it will launch Office 2021, the latest version of its productivity suite of apps like Word, Excel and others, later this year for personal and small business use.

In a post Thursday highlighting an upcoming commercial preview of Office, Microsoft said Office 2021 will be available for both Windows and Macs.

Microsoft said they will support Office 2021 for five years under a "one-time purchase model," where owners pay a single, one-time cost for the software.

The said it will unveil more information about features coming to Office 2021 in the future.

Microsoft also offers a -based model for its productivity services called 365, which offers products like Word, Excel, PowerPoint and other applications for a monthly fee. It costs $69.99 a year for a personal plan, or $99.99 a year for a family plan supporting up to six people.

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