IBM Cognos Controller has stopped working

Product:
IBM Cognos Controller 10.3.1
Microsoft Windows 2008 R2 server
Microsoft Excel 2008

Problem:
When inside Cognos Controller click on the icon to start excel, you get a error;
APPCRASH. CCR.exe

Error:

Solution:
Install a newer version of Excel.

Cognos Controller 10.3.1 only supports excel version 2010, 2013 and 2016.

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