This is impossible with standard lossless compression. Why? Because Office files are already compiled binaries (DLLs, EXEs), which are inherently difficult to compress further. A true "500MB" file would mean one of two things:
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If you are looking for a small download size because you have a slow internet connection, or if you are looking for a free solution, you do not need to risk downloading pirated "highly compressed" files. Use these safe alternatives instead: Microsoft 365 Web Apps: This is impossible with standard lossless compression