Photoshop has the capability to handle many different file formats, though many of these files are now obsolete. The five most common formats currently in use are .psd, .tif, .jpg, .png and .exr. This tutorial explains the pros and cons for using each format in Adobe Photoshop projects.
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Photoshop How to Use the various file formats .PSD .TIF. .JPG .PNG & .EXR in Photoshop
By getexcellent
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