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Traditional licensing models were such that you go to a store (online or in-person), buy your software, and you have access to that software forever; but no upgradesupgrades would require a new license to be purchased. Office 365 is a subscription model where, as long as you keep it up, you always have access to the latest version.
The two dollar monthly cost will be taken out of the account for which you are responsible, provided you agree to the terms via the sign up form (linked below).
How Do I Sign Up?
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