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Does "Do Not Archive" Apply to Existing Completed Transactions?

Summary:

Could anyone confirm the following scenario?

Suppose the archive retention period is currently set to 3 months, and there are completed transactions that are 1 month old. If we change the archive setting today to Do Not Archive, will those existing 1-month-old transactions also be retained indefinitely, or does the new setting apply only to transactions completed after the configuration change?

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