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if the code still has value being run in modern environments, then it probably needs to be maintained and updated anyway.

if its not being used, then does it running with the latest tools even matter?

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Not really. For example R ships with or depends on a lot of FORTRAN libraries. I doubt they have changed much at all in decades. There is no talk of a breaking FORTRAN language change that would require rewriting this perfectly FB ctional code with a stable interface.

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